This post is a little old, but maybe it will help someone out in the future for CT. I stayed at Ostello Cinqe Terre, which is in the village of Manarola. I think it was about $18 a night for a bed in a 6 bed dorm room. The atmosphere was just okay, but it didnt matter b/c CT is so beautiful. There is a restaurant in the hostel but I would recommend going out in the village for food, or going to a market.
Oh Cinque Terre... so beautiful.