Known locally as Star of the Sea, this cool hostel has a million-dollar setting just minutes from Surfside Beach. It's housed in a former lifesaving station that dates from 1873 and is listed on the National Register of Historic Places. As Nantucket's sole budget option, its 49 beds are in high demand, so book as far in advance as possible.
Prices include breakfast and linen; non-HI members pay an additional $3.