There's no doubt everyone loves a bargain holiday. But what is Europe's cheapest city? And where does Budapest fit on this scale? We took a look at Price of Travel's Europe 3-Star Traveler Index and found the results somewhat surprising. Among those listed, Budapest is the 7th cheapest city in Europe for a holiday, with Price of Travel describing Budapest as a "fantastic bargain compared to other classic cities."

Price of Travel aims to provide information on the realistic cost of a holiday in Europe. It says that the entire continent is more affordable than it has been in a number of previous years. The website says that many of the cities on its list are bargains for those considering a trip to Europe, but it seems that those that are among the most affordable include Budapest, which comes in at number 7 behind Bucharest, Sofia, Kiev, Cesky Krumlov, Sarajevo and Saint Petersburg.

The research looked at 56 cities across Europe and took into account the typical costs associated with two people travelling together who share a hotel room and taxis. They also took into account one cultural attraction per day, three "budget meals" per day and three beers (or wine) in its assessment.

About Budapest, Price of Travel says: "An abundance of decent tourist hotels makes Budapest a fantastic bargain compared to other classic cities. As long as you don’t insist on staying right by the river and eating only at touristy restaurants with English menus, this city can be quite a bargain.

Budapest is once again the cheapest major tourist city on the list, so it’s one to add to your list if you are anywhere nearby."

If cheaper hotels aren't your thing and you prefer to travel with a backpack the site has also taken a look at the cost of backpacking around Europe and has created the Europe Backpackers Index for 2015. On this list Budapest comes in at number 8 among the cheapest cities to backpack in in Europe.

Of course while the prices vary from place to place, Price of Travel says it's done extensive research and will be pretty close, if not spot on, in most of its estimations. For backpackers, they took into account the cheapest bunk at a hostel with a good location and reviews, two public transport rides, one major attraction per day, three "budget meals" per day, and three cheap local beers (or wine) per day.

For backpackers Price of Travel says "Another excellent travel bargain, Budapest is all-around cheap as long as you steer clear of the most touristy places along the river. The castles and cathedrals are enough, but here you also get thermal spas that are cheap enough even for the backpacking set. Hostels, in particular, are great value, but you have to get a bit out of the centre to find inexpensive hotels." You can see a breakdown of prices in Budapest here.