inexpensive hotel in madrid

I was in Madrid this summer, and I found the hotels extremly expensive. I'm going back in june and am trying to find a hotel in a good location with a good price.Any suggestions?

Hotel or Hostal?

For location and price, I don't think you can beat Hostal Chelo ( www.chelo.com )

Check Hostal Adriano . They are opening another one soon.

By far,no matter how much I look around for other options, I keep going back to Adriano's.