Most schools will have something available for you to use. The quality may not be much but it will be better than nothing. In the Japanese Sword arts a moderate quality iaito generally probably ranges in the $300 to $400 range. From there it can go up substantially depending on what you want and the quality of the fittings. Good quality fittings cost a bunch. I stay away from cheaper quality shinken. (live swords) They tend to be unreliable and have poor balance and fittings. Real shinken of quality can be very, very expensive.
If you are interested in a local school give them a call and see if you can participate with their equipment until you are ready to buy your own. Good luck.