I live in Oregon where it rains a lot. I bought the REI brand of waterproof pants. They sell pants that have a special reinforced area on the inner right leg (presumably to resist wearing out riding the bike, crank, chain, etc.). I also have an Endura brand "Luminite" biking jacket that has a built in flashing light on the back of the jacket. I wore both of these during a 35 mile, downpour with heavy winds ride and stayed completely dry. Well, my feet & hair got wet. Only thing about the jacket is that it doesn't allow your perspiration to "breathe" out and it can end up getting damp/wet on the inside. Most waterproof jackets will say "Breatheable" but I'd say most don't breathe well, so it's a trade off. I waited until the Endura jacket was on sale at my LBS because it was last years model and saved a lot. Hope this helps.
"Opportunity is missed by most people because it is dressed in overalls & looks like work" - Thomas Edison