Consider where you believe you will be in a year or so and then consider getting the largest lathe that you can afford. I suggest the Powermatic as it is big enough to do just about anything you may want to do in the next 4-8 years. It is certainly heavy enough to not go dancing across your floor every time you start turning an out of round/balance chunk of hardwood. I have the JET 1642 and wish now that I had gone with the much heavier Powermatic.
All the info prior to my post is very instructive and I am sue others will add more after me. You will see that in the long haul the lathe is often the cheapest expenditure in this hobby as the tools and other necessities can and do get expensive over time. Buy the best that money can buy and you just can't go wrong. Broke maybe, but not wrong.
I also recommend the 220v motors. They turn better and in the long run and don't really cost that much more to operate over a period of time. The power is already there when you move into heavier turnings such as bowls, etc.
Your next question I am sure will be on Tools. Opinions here vary like everything else. I advise again ... buy the best and avoid future replacement costs and the occasional, "Gee, I wish I had bought ..."
Then there will be the expense of a danged good sharpening device. I HIGHLY recommend the Tormek with the necessary jigs. JET has a competitive priced machine, but the consensus here is to get the Tormek jigs as they are superior most all aspects to the JET jigs.
Just get out and look at all that's available at your local Woodcraft or Rockler stores. Go to one even if it is a ways away and put your hands on whatever you are seriously considering. This will also help you decide what tools fit your height and hand size when standing at the lathe. I for one am 5'8" and I will not use any turning tool that does not extend out past my elbow when held to the piece of wood I intend to turn. This extra length adds considerable stability and refines the control one has when turning. BTW, my favorite is the Sorby 1" oval skew. It is not for the first time turner, but is one of the most useful tools in your hands after a bit of a learning curve.
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