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European students make up the majority of guests at this four story East Village hostel. While the accommodations are an upgrade from the usual common room and bunk beds, there's still a very communal element that only the young and adventurous would be willing to accept. Each of the single rooms are just large enough to fit a twin mattress, and the double room barely fits two. There are two dorm-like bathrooms to a floor, which could be a little crowded if each level's fifty rooms are at capacity. While each room is separated by a wooden frame, the common ceiling ensures that any snoring or extracurricular activity will be broadcast to all. Despite the open atmosphere and inexpensive accommodations, each floor and individual room is equipped with locks to ensure safety. — Chris Strauss

Where else in New York can you stay safely for under $40 a night?

Cons
You've got to be willing to slum it a little to enjoy such low-priced lodging.

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