.22 lr rifle. Marlins are a good value.
.357 mag revolver. Rugers are a good value.
.22 lr revolver.
Some kind of high-powered rifle with optics. A Savage .308 with Burris optics is a good value and very accurate with a wide range of inexpensive to high-quality ammo.
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I agree with everything except the last bit. Why would he need a high powered plinker when he can hardly afford 350 for home defense? the .22lr pistol/rifle combo is a no brainer if he can afford it later, and if he goes with a 12ga for defense then a good .357 is another good investment to make, but I don't see the point in buying a long distance rifle.
Like the majority of the people here, I would go with either a 12ga shotgun or a .357/.38 revolver.
I recommend buying a Remington 870 off of
www.gunbroker.com - used, they should fall right within your price range, and they are
the classic home defense shotgun. I also don't like the safety placement on the Mossberg 500, but that's personal preference. both are fine shotguns and should work should you ever need to use them.
also, I don't know if anyone has mentioned Taurus yet, but they make fine revolvers for a very decent price. their semi autos are iffy but I trust their wheel guns. look for a .357 with a 4" barrel - should you go this route, buy some .357 145gr Winchester Silvertips for defense, and some cheap .38 FMJ for target practice. HOWEVER make sure you put at least 50 rounds of your defense load downrange; you need to be comfortable with what you will be shooting should you need to use it in self defense. the .38 is great cheap plinking, but you need to be sure of yourself should something arise.
also, .38 +P is a respectable defense round, and you could use that in your .357 as well, should the need arise.