Hosting and a domain for $29 a year... That is FAR from being ripped off. That's like 1.50gbp a month for me which beats any prices around here.
I'm with hosting24.com, used them in the past and I've never really had issues with them. They host the 000webhost service (free web hosting with PHP/MySQL support).
Oh right. I thought you'd bought the domain on it's own. What you've got there is a pretty sweet deal