Hong Kong, the land of expensive real estate and a million and one Mercedes Benz sedans, is not synonymous with budget travel. Unless you are willing to try your luck at the colorful but less-than-basic Chungking Mansions, there seems to be little to do. Cheap eats are easy enough. There are plenty of local eateries, market stalls, and convenience stores to fill your stomach.

The problem is where to lay your head. There are a list of budget accommodation on Discover Hong Kong. Lonely Planet, that bible of budget journey now emblazoned with the BBC logo, also offers some insight and mentions a few worthwhile places.

The trick lies in your length of stay. Many smaller guest houses and family run inns will offer you a reduced rate if you plan to stay for weeks or a month. Often times, a monthly rate will be cheaper than a daily or weekly rate even if you do not plan to stay for the whole month. It is probably better to stay the first night at the regular rate before plopping down a month's rent. It's worth the extra day to make sure the neighbors don't breed roosters or other early morning noisemakers.

In general, Mongkok has better rates than elsewhere. It is not as safe, however, and away from Hong Kong Central's tourist sites.