There is a wide range of audio recording equipment available. Some of it is very cheap and sounds like it. You don't have to spend the rent money to set up a quality home studio though. There is no need to buy the most expensive components when you're starting out, but it is important to keep upgrading everything.
Areas that can be addressed from the start : The quality of XLR cables. Do not grab those $5 cables from the bin, spend the extra money on Mogami or other quality cables. Next get a good preamp like MPA II or other units. The next piece is a power conditioner such as Furman.
These are simple pieces that will make a big difference in the quality of audio you're recording. You have a very wide range of microphones that you can choose from depending on individual taste and budget. Remember to play withy the equipment constantly so you learn the intimate details of how your set up responds. it's never just about editing out flubs, become a master of your set up:)