I was researching this about 6 months ago. From what I could find, there were no scientific studies proving one being better than the other (as in raw or higher quality kibble).
I also would stay away from foods that are found in the grocery store.
There is a big grain free trend right now, but I do not think all dogs need to be on grain free, unless they have allergies of course. With that being said, my dogs are on grain free.
If you can afford extra freezers for raw, go for it. But again, no scientific studies show that dogs do better on it. However, I would say that the health of the teeth seems to be better with the bones. One thing I dislike about the raw trend is there are a lot of ametuers that do not research how to provide a balanced diet when feeding raw. So if you choose this, YOU are responsible for creating a balanced diet.
There are also freeze dried/dehydrated which would be closer to raw than kibble.
One thing I have never really thought too much about was the history of the company and how many and how they handle recalls and such.
As suggested you want a named meat and meal, not "meat and bone" but rather "deboned lamb and lamb meal" avoid all by products, coloring, etc.
I would look for kibble that is in the upper 20's+%, however, I have read kibble like orijen with very high protein levels can be too rich for dogs.
If you are looking for cheap, but good quality I would go with things like fromm gold (not grain free) or taste of the wild (grain free).
If not research the ingredients on various foods, I prefer to see a named meat meal as the first ingredient, because "deboned lamb" is 80% water weight, so when that is cooked out it will no longer be the first ingredient.
I decided to go with Acana, just because I liked knowing where the ingredients are sourced from, the price isn't too bad for my size dogs, and the company has a great history, but is less expensive than their orijen line.
I also like fromm and sometimes get a bag of that, I have decided to feed a rotational diet so if one food is lacking something, it should be balanced out by another. But I really like the companies, have heard nothing but great reviews from people with dogs on both, but most importantly my dogs do well on it (small poops, not stinky, not gassy, good looking hair, like the taste, etc)
In the end, no matter what you decide, no matter how many dogs do good on a certain quality food, you need to monitor your dog and see if he/she is doing well on it. The most you can do is research what foods you are good quality for your budget, and then it's trial and error to see if your dog does well on it.
As a side note though, if you were to be switching from a low quality to a high quality, you will be feeding less- so factor that into cost and if you see your dog having diarrhea, it may be because you are feeding too much.
There are also great posts in this thread, so browse through it, and there are decent Facebook groups about dog food and nutrition.