Ipex home supply on 1&9 by Wendy's has a sign up advertising ceramic tile for 89 cents a square foot.

Ha, we are doing the same per Basil! Popular guy! We actually just came back from a tour of Newark-based tile places, plus Home Depot. Here's what we went with:

http://www.expressusatile.com/4.html

Better selection than:

http://tilemporium.com/

We're also going to put in tile (recommended by Basil McGregor). Going on the hunt for tile today. Will let you know if we find any good places.

Thanks everyone, this is really helpful... we plan on going 5 feet because with the hurricane we got 4 (and 18 mos ago we got 3) for the tile and cementboard and then regular drywall above. If god forbid we get 6 feet of water, we'll cross that bridge and I guess just finish the whole room floor/ceiling (or move :).

Porcelain is better (and sometimes slightly more expensive) BUT......
For an interior vertical (wall) surface it really won't matter. Both will last longer than you or I will be on the face of the earth. I personally would pick the look/price I like best, paying no attention to Porcelain vs Ceramic.
If any of it is for exterior, do not use Ceramic. It will not hold up to the freeze-thaw cycles in our climate. This is also true of some Porcelain, you need to look for the exterior rating.

BTW...... should not be necessary to use cement board above the "high water mark". Go about 6-12" above the point you anticipate flooding, then use Sheetrock as the backer if you are cost conscious.
Most bathrooms with tile on the walls only have cement board in the tub/shower area. Outside the wet areas Sheetrock is generally used. This is complies with building code.

Best!

Using cementboard... Any recos as to ceramic or porcelain?

Yes, wonderboard must be used on any tile project other than a kitchen backsplash.

There's a .99 cent per sq ft tile place on 1&9 north in North Bergen. It's slightly past the Lowes. I've purchased nice tiles from them in the past.

Inexpensive tile is not expensive LOL. Generally the labor is the expensive part of cheap tile jobs.
Most tile stores will have LOTS to choose from that is about $2.00/sq ft. I generally find there is not much available for less than that. (Although at times you can get some for $1.00/sq ft.)
Having said that, I personally like Kennedy Tile on Rte 1 & 9. It is on the West side of hwy and can only be accessed from the South Bound lane. (Between the Secacus Rd and Manhattan Ave Intersections)

Related note.... You say you are finishing the basement walls with tile because of flooding?
Keep in mind, the surface the tile is attached to, must also be waterproof.
If you are attaching the tile to sheetrock (or something else destroyed by water) all your good money and work will go to waste the next time there is a flood. The tile will not protect the sheetrock from water. If you don't know what you are doing, send me a PM, I will help.
Best!

We may be finishing our basement in tile on the walls. We'd like to keep costs down (eg, aesthetics are less important than the function of dealing with flooding) and was wondering if anyone has used any discount tile places near/around JC? I think there's one in Newark.

Thanks!