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You have to decide if you want to be more in town or by the village. I lived in Mammoth Estates last season and they were only about three blocks from the village and did not seem too expense. Here is the website. http://www.mammothestates.com/mammoth_lakes_condo_rates.html
the town is about two miles across so really you are not the far from anything no matter where you stay. There are some bars on old mammoth road near vons but it seems that the village bars are more happening.