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So I've got it narrowed down between dwarfs and high elves. They are both great model wise but last time I played fantasy was like 16 years ago. How do these armies play? How has the game changed since roughly 4th edition? When I played it was basically 1 lord worth 1000 + points.
More importantly which is easier to start with? I originally played dwarfs when I uses to play, and while easy to learn the basics I found them rather limited strategy wise. High elves pretty good learning curve or steep??

Lastly which army will be cheaper to assemble? I don't have money to buy like 1000 bucks worth of models. Maybe exaggerating but you get the drift. Any input would be great, thanks!

Both are flexible and very good. I play both (and skaven) personally, I like the dwarfs more because cannons and simple to paint and assemble armies (middle of the road difficulty), and high elves, you are going to spend more to get a balanced, strong list. but then again you could go out and buy 2 Island of blood kits and sell off the skaven and be set for a long while. so really it comes down to do you like bearded bastards with an amazing armor save (heavy + shields on most things) or do you want elves who are pretty okay at everything and great at magic?

Probably dwarfs I'd say from what you are telling me. Are they pretty decent on the wallet?
Oh and do people still whine and complain about facing them? That used to be an issue when I played cause everyone said they were boring to play against.

I don't think you would have too many problems as if people do complain it seems like you can have pretty good combat lists.

I'm not an expert, i would say Dwarves because they looks pretty cool. I have the High Elves from the starter pack and honestly they looks less interesting comparet to their bearded "friends".