This is definitely the popular tourist and student area when choosing where to stay in Paris. It has been the student hangout for 800 years.
Here you'll find a lot of budget and moderately priced accommodation.
The latin quarter is home to the menu formule. If you stroll the streets you'll find a lot of budget food choices.
You'll also get your kitschy tourist items in this area and plenty of cheap drinks. The charm of this area is just getting lost in the streets. District 5