This is the first (of what will hopefully become a series) of Found Cosplay ideas. You may already have some of this in your closet or you can visit a local consignment shop or thrift store to piece it together.
"Hobbits really are amazing creatures, as I have said before. You can learn all that there is to know about their ways in a month, and yet after a hundred years they can still surprise you at a pinch." --The Lord of the Rings, The Fellowship of the Ring, Book I, Chapter 2: "The Shadow of the Past"
1. Shirt - long-sleeve, cotton or linen, button up or button at the neck. Light colors - white, cream, tan - could even be a soft pastel to compliment the other colors in the costume.
2. Waistcoat (vest) - single-breasted - This is where you can make a fun, bold color and fabric choice. Yes, they can be cotton or linen, but you can also go with silks, brocades or jacquard, or you can go with a quilted or embroidered fabric, or use a "quilt fabric" which tend to be boldly dyed and patterned. Waistcoats are very undervalued today, in my opinion. May I present exhibit A...
4. Pants - capri length (just below the knee - mid calf) Cotton, twill or corduroy. This part is probably the most muted of the costume pieces - generally they are some shade of brown or grey.
Other - you could also have a cloak, walking stick, traveling pack, smoking pipe or a small sword.
While I believe this is fine cosplay for lady Hobbits as well, you can always pair the coat, waistcoat and undershirt with a skirt. Here are a few amazing Femme Bilbo cosplay ideas.
It coast me $19 total (shirt - $5, pants $-7, jacket - $7).
So, go forth and costumify!