As others have said, it depends on what you want it for.
Filling tires, blowgun, nailers don't use much.
A die grinder would be roughly 7CFM
An air sander 10CFM
HVLP paint gun: 7-10CFM
1/2" Impact Wrench: 10-20CFM.
A siphon sandblaster: you will never have enough CFM.

Some tools are only intermittent; so you can get away with less CFM available.
Look at the tools you want to use; they will specify the CFM they need. Then look at a budget. A small compressor is not expensive. As you increase the capacity, the price goes up exponentially. A good, reliable compressor that has decent capacity will not be cheap.
Belt drive tends to be quieter than direct drive. It also is more serviceable.
I don't like oiless, have seen to many break a connecting rod.
Direct drive can be deafening.
Check Craig's List. Usually many available. Pawn shops can be good too as workers pawn their tools when they lose work.
My current compressor is two Craftsman compressors salvaged into one. The pump and motor is off probably a 30-year old 11CFM/5HP/20 gal belt-driven compressor. My 60-gal tank is off a direct-drive compressor that threw a rod after just over a year.
I also have a small compressor for filling tires. If I use my impact wrench on it; it will suck the tank dry in about 7 seconds. Then I have to wait 2 minutes for it to refill.
Go by CFM of the compressor. Tank size is not a big issue. HP ratings are usually bogus. I gave my old compressor to my dad. It had a 3.5HP motor but run on 120V. At 100% efficiency, 3.5HP is 22 amps yet it ran off a 15A plug (if it was 3.5HP running, it would probably draw 30A).
You can get about 5CFM@90PSI off 120V; anything bigger and you'll need a 240V circuit wired.