Radios are very location dependent. If you're in a city and just want to monitor local grms traffic, you can get radios for $15 that will give you maybe a mile or two of range, depending on terrain.
But for about $30 you can get a 5 watt baofeng that will be immensely more powerful. You need a HAM license to transmit, but not to listen, and the license will take you a single afternoon to get. You can download the study app on your phone, fail the practice test three or four times, and then start getting passing scores without having any real understanding at all, just by recognizing the correct answers.
The problem with those little handhelds are that
a) the antennaes are tiny. You can ~double your range with a $15 larger antennae.
b) the transmit power isn't likely to get you more than one or two repeaters, unless you live in a major metro area and have a bunch nearby.
For emergency work, you really want a 50+ W dual band radio, driven with a car battery on a trickle charger, and plugged into a real roof antennae. That setup will cost you about $300 but it makes you a legitimate part of the amateur radio community and a valuable resource in case of emergencies.
The location of your house still matters, because some people are just geographically more useful than others. If you live at the bottom of a hole, you might find it hard to reach anyone unless you put a mobile unit in your car and drive to the top of the nearest hill.