The first thing that you want to do is determine your goals for the project and pick a material based on them. For instance, if you desire the beauty and richness of a real wood interior, and cost is not a major factor, wood windows are a good option. If peak performance (energy efficiency), warranty coverage, and value are bigger concerns, then vinyl is a great choice. Fiberglass and Composites are valid choices as well, but are "niche" products to some extent where it only makes sense to pay the premium for them if your circumstances happen to match what they offer (if for instance you want a stainable or paintable wood-grain interior without getting real wood). Top performing vinyl choices are Okna/Himark, Sunrise, Softlite, and a few others. Top wood windows are Marvin and Kolbe, with Andersen in there as well.
On pricing, wood will cost anywhere from 50-150% more than vinyl depending on options etc once you figure in staining, etc. For instance, the prices that you quoted above for window only would be reasonable to pay for a good vinyl window INSTALLED in an insert application.
Lastly and most importantly, I would STRONGLY agree with the pros above that Windows on Washington should be your first point of contact. Excellent company and they offer all product and installation styles and materials, so they can walk you through to determine which one actually fits your circumstances and goals the best, not just push a "one-size-fits-all" solution. Very prolific poster here, so you can find him on most threads and click his "Get a quote " button if you are interested.