A typical budget for a major label release is $10,000-20,000 per song. An independent label release budget would typically be $5,000-10,000 per song.
My rates start at $35 per hour. I also offer a flat, per song rate of $1000. I am able to offer exceptional value because I do not have the overhead of a live tracking room, or a big console. I have the same high end outboard gear and mics used in the best studios. I truly deliver 'big studio' sound at budget prices.
If you don't have much money for your recording project, then I believe it is better to do fewer songs and spend more time and money on each song. I find it's best to not do more than 3 or 4 songs in each project.
Depending on the project, a per song mechanical royalty rate may also apply (this is an industry standard for master quality production).