I'm older than most of you, but not so well off that home ownership back in the U.S. is any more a realistic option for me than it is for you.
However, I have spent time living in Mexico, the Philippines and Thailand, and can truthfully tell you that there are a whole lot of options awaiting you, provided you are willing to make the effort to adapt. Internet is available for real throughout most of the world, and most countries won't care if you're making a buck online if it means you're kicking it back to them for rent and food.
In each of the countries I mentioned above living on US$500@month is realistic and even comfortable, provided you're not going out to bars and restaurants all the time and are willing to use the public transport. Will probably need to put in some time finding a suitable place though. Works out to under $20@day... what is that, a couple of hours on odesk/elance/whatever?
You're only a lost generation back at home. The Internet means you have possibilities your parents never had; most people my age (50's) didn't have the opportunity to just pack up and head to a place like Thailand, for instance. No ATM machines, no cellphones, no Internet, means no way to make a living for most back then. But today it's a piece of cake.
I'm not saying the situation doesn't suck that this is what you're almost forced to consider just to make ends meet, but at the same, it's also a pretty amazing opportunity should you choose to look at it that way.