The short answer: yes, a hostel can be highly profitable, because the hostel business model is designed to minimise costs and maximise profits.
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Sometimes called backpacking hostels, they offer budget accommodation that is usually of a decent quality. They allow you to get to know a country at low cost, make friends with other travellers, and pick up insider tips on where to go and where to avoid.
Once a bastion for independent and budget travelers and known for their sense of camaraderie, recent times have seen youth hostels closing down. But, says Michael O'Regan, “a thriving backpacking hostel ignites authentic, spontaneous interactions between strangers.”
While most HI USA hostels do have private rooms, staying in a shared dorm is your best bet if you want to meet other travelers and make your travel budget go further.
No problem. I am 42, and I have met many people older than me in youth hostels. Only Bavaria has a maxium age limit of 26. If your objective is to save money, then there is nothing wrong with staying at a hostel, at any age.
If you are wondering if you are too old to stay in a hostel, you are not. There's this funny thing I've noticed about aging: the older I get, the less I care what people think. If you had asked me if I would still stay in hostel dorm rooms in my thirties when I was 24, I probably would have told you I would not.
The typical hostel-goer tends to skew on the younger side. The average age is probably somewhere between 18 and 25, although you'll definitely find travelers much older than that as well! I have even witnessed full families with young children staying in hostels.
If there are no hostels in the area, a private room in an Airbnb is the next cheapest accommodation option. For those traveling in a pair or group, an Airbnb is often, though not always, cheaper than a hostel and also allows you more privacy than a shared dorm room.
Personal safety isn't much of a problem in hostels - everyone, including the staff, look out for each other. The community spirit in many backpacker hostels makes them even safer than hotels. For sure, staying in a hostel is much more fun than a hotel room!
Also, most hostels place limits on how long you can stay. They're meant to be for short-term stays and if you're using it as a full-time place to live, you may be politely asked to leave. Hostels have everything you need to live but that doesn't mean it's advisable to do so.
Your roommates will be fellow travelers and will rarely cause you any problems; however, since you will be rooming with strangers, caution is necessary. Most hostels provide lockers for you to use during your stay, some will be key operated, but many will require that you bring your own lock.