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MB: $100 - MSI Z97 PC Mate
CPU: $ 70 - Pentium G3258 (reported stable OC at 4.3GHz on stock cooling)
GPU: $ 90 - AMD HD 7770 1GB
RAM: $ 85 - G.SKILL 8GB (2x4GB) DDR3 2400
Note well! The G3258 has only 2 cores. This is great for FA, but very poor for highly-parallel tasks. FA led the way to 3+ cores, but offered little benefit over 2. Today's game engines are shifting their threading models to take advantage of 4 or more. That said, the MSI Z97 leaves lots of room for growth, in that it will support Intel's next generation Broadwell, perhaps at predicted price cuts later in 2015.
Another note. You'll need faster than DDR3 1333 to overclock the CPU, but DDR3 2400 is overkill. Currently, the price point for 2400 is good, so I listed it. If the price point changes, step back a few MHz.
In USA, the components list for $345 USD as of December, 2014. Continue to discuss tradeoffs below, and I'll incorporate what I can.