Is Airbnb cheaper than hotels?

I've been hearing a lot about Airbnb these days, and I'm curious about the cost comparison with traditional hotels. Could you tell me if Airbnb is generally cheaper than hotels? I'm planning a trip soon and I'm trying to decide whether to book a hotel or look into Airbnb options. I've heard that Airbnb offers more personal and unique accommodation experiences, but I'm also concerned about the potential cost difference. Could you elaborate on this? Is Airbnb typically more affordable, or does it depend on specific locations and factors like the time of year? I'd really appreciate your insights on this matter.