Did you read the tire sticky above?
245/50 - 16 will fit, although they are a little short.
I recommend you also visit
http://www.tirerack.com and read the tests, keeping in mind they use a car that weighs 75% of yours.
Don't skimp on tires as they determine the performance of your car, all other things being up to as new OEM standards.
You must meet the minimum OEM 94 laod rating, but you will reap dividends in longevity, performance and wear if you exceed it. Do not get anything with a wear rating greater than 400. 220 - 320 is the sweet spot.
Do not by anything rated below H speed rating. It doesn't matter how fast you drive, but rathter reflects on the tire carcass construction, and thus its strength.
Don't know if the Avon Tech M500 are still available, but they are one of the few inexpensive tires I would recommend, but not over top performance tires from top tier manufacturers. The M550 is the "all season" version, but I recommend winter tires for snow, and summer tires for the rest of the year.