Playa Michigan doesn't have any hotels or hostels. However, some locals make homemade food (fresh fish, seafood, eggs, quesadillas, etc.) for tourists. They also lend you a hammock for free - or you bring a tent and sleep there.
Food and drinks are very cheap with the locals, and that's pretty much all you need in Playa Michigan besides maybe some change for some dryed cocos, so you can make a nice bonfire in the evening...