I just bought Dilla's Donuts album on vinyl....
Anyway, I'd recommend
Grado SR 225i's for listening to anything on vinyl. They don't have that much bass though, so they might be a bit lacking for hip-hop tracks. But these cans are amazing for rock, and in general, just make everything on vinyl sound real good. Also, Grado's aren't the most comfortable headphone for long listening sessions. Try them out for yourself to see.
Also within your budget is the
Beyerdynamic DT 990 Pro. They are an open headphone like the Grado, but with fantastic bass, which does well with hip-hop. These are some of the most comfortable headpohnes I've ever used.
Neither of these (or any open headphone) would be good for public use like on a train, as they leak a lot of sound, and worse, they do not isolate (you'll be able to hear everything around you). If you want to go with a closed headphone at the same price, you sacrifice better sounding cans for the sake of being able to use them out. So, I'd suggest getting a good set for home use, and maybe a cheaper pair of buds/ IEM's for on the train (I suppose that decision depends on how much you'd use them out and about though). The
Beyerdynamic DT 770 Pro-80 are pretty good for a closed set; and while they are not very portable (they are big and do not fold down), I use mine occasionally as portable cans.They are also listenable on an ipod or similar device without an amp, and can be driven to pretty loud levels.
Try and audition the 3 above, or buy from a store with a good return policy in case you don't like how how a headphone sounds.
