Backpacker’s Camp at Yosemite Valley is located within Yosemite National Park, and offers affordable camping options for backpackers and hikers. The campsite is located about 45 minutes from Sunrise Lakes Trailhead by car.
If you’re looking for something a little more comfortable than camping, there are some vacation rentals in the area that could be worth checking out. They may be a bit pricier than a motel or campground, but if you split the cost with a group it could still be affordable.
I’ve actually done that hike before, and I stayed at a motel in Oakhurst, which is about a 30-minute drive away. It was pretty affordable and had everything we needed for a one-night stay.