I'd recommend the Etymotic MC-5 series considering your price range.
Etymotic Research, Inc. - mc5? earphones
Rather than noise cancelling, it's noise isolation (via the 'in-ear' method of use). Inserting them in your ear allows you to block external noise.
I have the (then top of the line) ER-4P and the isolation is sufficient for airplanes/ gym/ noisy outdoor environments.
Pros: Because of the isolation, you don't need a lot of volume to attain an enjoyable listening level. Since the sound is clear and doesn't necessarily need to run at high volume, you'll have a lower risk of damaging your hearing in the long term. Excellent customer service too...
Cons: Since the buds are inserted into your ears 1) comfort may be an issue (it isn't for me) and 2) they are conductive, meaning footsteps will impact your listening experience and annoy you (esp if jogging/ not so much on the treadmill).
So they're great for pure listening on planes, trains, subways, work desk but I would have to refrain from recommending if you plan to use them primarily in a bodily active state.
Not affiliated, just a happy customer.
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