Absolutely no reason to break the bank! The Core i5 4670k (or 4690k) is a superb CPU, and should be getting cheaper now that Skylake is out. The GTX 950 is a beast for the price as well, and memory is extremely cheap.
Of course it is and it was pointed as minimum requirement for Oculus Rift (if I'm not mistaken) BUT FDevs pointed at the i7 (and better) CPU's to make ED run at best performance on the Oculus. So I'll slowly save and invest on a monster rig. I have an entire year to do that. I'm not in a hurry
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