Quito is known for its high altitude and spring-like weather all year round, and both of these things combine to make the place a bit exotic, especially compared to other large cities in South America. It’s also a hub and starting point for those planning a visit to the Galapagos Islands.
It’s becoming a popular stop for those who are touring around the continent, and fortunately for the budget traveler it’s quite cheap by international standards. Basic hotel rooms are available for a very low price, with reasonable quality available for not much more. Several hostels in the city also offer backpacker-friendly prices, and many also have affordable private rooms.
The main attractions and sights are all either free or cheap, and transportation tends to be quite affordable as well.
Food and drinks are available in all price ranges. If you concentrate more on street fare and the things locals generally eat then you can stuff yourself for very little, but tourist-oriented restaurants are less cheap, though they do make things easy if you don’t speak much Spanish.