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Dubai has gotten pretty expensive if you're on a tight budget, especially when it comes to accommodation and eating out in touristy areas. But if you hunt around you can still find some deals - decent hostels, food in local neighborhoods like Deira or Bur Dubai, and tons of free stuff like beaches and the souq. The real challenge is resisting the temptation to splurge on shopping and fancy places, because the cost of living has gone up quite a bit over the last few years.
Don't go expecting prices like you'd find in a developing country, that's for sure. What a lot of people don't consider is that neighborhoods like Al Barsha or International City cost way less than the marina resorts, and Arab locals eat well while spending little - if you skip the restaurants with a view and the international chains you find decent stuff at normal prices. The real savings though comes from when you go: September to November before the insane heat hits, flights and hotels cost a fraction, while in winter everything's inflated. If you've got really tight budget it might be worth thinking about another destination, but if you can manage with a bit of care Dubai's still doable.
It really depends on what you mean by "affordable" - if you're comparing it to Northern Europe then yeah, you can still find deals, but just getting to Dubai already costs a fair bit and once you're there you'll have to give up certain comforts. What nobody mentions is that the season makes a huge difference: if you can go between May and August when it's scorching hot, hotels and flights drop significantly, otherwise prices stay jacked up year-round. It's worth visiting during the off-season if the heat doesn't bother you.
If you go off-season, like May to September when it's basically an oven, prices drop a lot and you find hotels at half the winter price. People avoid those months but honestly it's not that bad if you're in air-conditioned spaces, and for someone with a really tight budget it's the right window. Another thing a lot of people don't think about: eat at places where migrant workers go, like in the souks or residential areas away from the tourist traps - you spend a tenth of the price and the food's actually better.
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