Any budget CPU to go with a GTX 970?

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My CPU is an Intel i3 2100 3,1 Ghz. I manage to get 60+ fps with my GTX 970 in a vast majority of tests but minimum FPS does hit 20-30 fps on certain occasions. Obviously my CPU is suspect.

Are the only CPUs that can make an appreciable difference here the 4th generaiton i5s and i7s? I ask because my current motherboard is an Intel DH61WW and only supports 2nd generation and 3rd generation CPUs (LGA1155 socket). With only a budget of around $200 an Intel Core i5 3470 is what is within my reach now.

My question specifically is this - would an incremental upgrade to a CPU like the i5 3470 make any difference at all or is going for a new motherboard + 4th gen processor the only way out? (in which case I'm better off just saving the $200 for now)

PS: My primary usage is game development (Unreal Engine 4), 3D painting (eg: Substance Painter) and of course gaming :) A beefy CPU will also help me build lightmaps for levels faster and run Visual Studio better but for now I'll be happy with just a budget CPU to avoid bottlenecking the 970.
 
Upgrading to an ivy bridge i5 would be a noticable increase.

If it was me I would save to do the mobo and cpu though. While the i5 is a decent enough performance boost, for me it would still be a waste to spend that much money, when for $100 more I can get the newest one.
 

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Thanks all for the great replies, this forum sure is fast :)


@cowboydude99 - I'm looking at the cpubenchmark data now to get a sense of the cost-benefit payoff.

@k1114 - e3-1230v2 is not available in my part of the world unfortunately.

@boosted1g - agreed, A Gigabyte B85M-D3H with a 4th gen i5-4460 may also be within my reach if I push my budget a bit.
 

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India. Looking at another thread on this site (3rd gen v/s 4th gen) it seems 4th gen o.nly offers improved integrated graphics with a marginal perf boost - this realization is suddenly making the i7 3770 an attractive proposition. It's about $329.99 of course but there's a festival sale going on over here that I may be able to leverage.
 

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I'll sleep over it and pick a solution tomorrow :) thanks everyone for your great replies again, I'm continually in awe of how quick and helpful this forum is!