Yes, you're absolutely right. After all my research, I concluded that a decent receiver can be purchased between $700-$1000. Anything less will yield less than satisfactory results, but will suffice for the average listener setup.Once you go above $1000 you start getting the audiophile quality receivers.
I recommend people wait for a good sale. Sometimes you can get $200-$500 off regular asking price. You just have to be patient.
As for the amp that I just purchased, it runs 180 watts per channel to the front speakers at 6ohms. It has a dynamic power rating of 220 watts per channel to the front speakers at 4ohms. Plus, it has all of the BlueTooth, Wifi and Spotify connectivity that I was seeking.