A good, clean hostel with beds for $24 a night. When I was there (December), not many other travelers were around and the people who were there kept kinda to themselves. The atmosphere was okay though.
The staff turned out to be really nice when I took the time to talked to them. I slept in a eight bed dorm room (never fully occupied), with a bathroom that was great.
The hostel has a full kitchen for guest use and a dining/game room which is not a place you will want to hang out for a very long time.
The neighborhood is a big plus--cute little restaurants and cafes all around. Before I came here, I checked out another hostel in the Loop (Hostelling International), but the neighborhood was deserted there. I also checked out Garden Home Hostel, which looked like a drug house--such a mess--wouldn't recommend that one.
You can get here from Downtown by Red Line or Brown/Purple Line and exit at the Fullerton stop. The bus stop is even closer. Take bus 22 at Dearborn Street and get off at the Arlington Place stop.
From the airport, take the Blue Line to California; Take the bus (18) east at California Ave. and get off at Halsted.