Planning a wedding on a $45k budget in Central/Northern NJ. Crazy?

My fiancee and I live in JC and is an NJ native. We're planning a wedding on a 45k budget, with an original target guest list of 120 people. In our first week of searching, we're very sad to find out that after Fees and taxes, that actually puts us in the "lower" tier of decent reception venues in Central/Northern NJ, which is just nuts. We're already starting to think of cutting guestlist, booking a venue and doing it DIY, or looking at other states (which might be cheaper but will be a logistical headache).

Anyone have any thoughts? We're all ears! Anyone who says spend less money, we know. We're already considering it. That doesn't feel like solving the problem right now.