HI,
Santorini in the middle of winter?! I just wouldn't do it.
I believe there are youth hostels in both Fira and Oia, but I'm not sure if they're open off season. Fira would be the best location.
Agree with Sallyxx, Fira will offer much cheaper accommodation with plenty of hostels. Although, not sure what will be available off season as the islands tend to more or less shut down.
The Greek island Santorini is like a big attraction for tourists on summer, you may find cheap accommodation but don't expect something of very low budget, even in the hostels (if are excist there).
Like any small(very touristic) island in Greece it worths to go off season(the weather is also nice) to don't pay for accommodation or food so expensive. The high touristic season in Greece is from June to September. Crete island is a good choice of low budget travellers.
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