What is a nice and affordable ho(s)tel in a central and safe spot in Chicago?

I will be spending three days in Chicago in October and I'm looking for an affordable hotel or hostel. As I will be travelling alone, I'd like to stay in a safe and central area of the city. I found out that Hostelling International Chicago is a very cheap option, but I'd prefer a private room, which they don't have. Any other cheap options that you know of?

I do see a lot of quite nice hotels which are pretty cheap when booked last minute. Would I be safe to wait until a week or so before I leave? I could always keep Hostelling International as a back-up option. They have 500 beds, should have one left for me...

Thanks for any suggestions!

The downtown Chicago hostel is in a great location, and it's a fairly new property, well-maintained and comfortable. You cannot go wrong with that location for safety and central to bus, el, attractions.
If you really want a single room you might try the Congress Plaza or Best Western River North--those hotels often are a little less expensive.
You can see a lot of hotel deals on the Chicago tourism website at choosechicago.com.
You should be safe by waiting until October to book--it's not like it is the height of tourist season.

Tags: Affordable Hotel, Beds, Best Western, Cheap Option, Cheap Options, Chicago Tourism, Congress Plaza, Downtown Chicago, hostel, Hostelling International Chicago, Hotel Deals, last minute, Lot, Nice Hotels, Private Room, Safe Spot, Single Room, Tourism Website, Tourist Season