NJ sounds expensive. Three halls I play at are $6/hour, $1/hour and $5 for all day. The last two are only on Sunday though.If it's your buddy you pay the time no matter what. I don't recommend gambling cheap enough to run into these situations though personally. Time is too expensive nowadays to be playing $20 and $50 sets.
I'll go along with the agreement beforehand, usually loser pays but could be "split time". I've also seen winner pays the time which works well if one player has only the amount of the bet.
If there is no agreement, I think it's nice for the winner to pay after a major score. For the middle cases you might say, "It's $30 for time -- can you put in $10?"