Hotels and hostels in Mexico City can offer good value, though on the lower end of things you might find the standards to be below what you are used to. Food and drinks can be very cheap if you concentrate more on street stalls and places that cater to locals. If you insist on places with English-language menus then you might find the city to be fairly expensive because those are mainly found within expensive hotels. If you bring a menu-translation app you’ll be able to confidently order at almost any restaurant and get great meals at low prices.
Hotels in Mexico City are mostly in sync with Caribbean hotels in that high season runs from December through Easter or through the middle of April. During July and August the city also gets a bit crowded with Europeans and others on summer holiday, so many hotels raise their prices then as well.
The best bargains can be found in May, June, September, October, and November, and weather is often most pleasant during that period as well.