For a desktop postscript (ie: color laser) printer, you'll need about 200-220dpi for a decent photo. For an inkjet, you can still get great results with 150dpi photos.
This is because inkjets don't create halftone screens in the way PS printers do.
Commercial printers' imagesetters run on postscript, which converts
your pixel image into a halftone screen, typically 175 lpi (lines per inch). For commercial print, a good guide would be to think in terms of your resolution needing to be at least 1.5 times the printer's lpi.
So 175 x 1.5 = 263 - A lot of pre-press pros (me included) round that up to 300dpi when preparing our images, just so that we've got a bit of room scale if need be. Also, for very colorful and detailed images, a bit more resolution can (very marginally) improve the accuracy of the reproduction.
Generally, you really don't need to go to 300 dpi for home use, you really won't see much of a difference between a 200dpi and a 300dpi image printed on a modern inkjet a high quality setting.
I'd stay at 200dpi and keep those file sizes down!