You might be able to rent an apartment for cheaper depending on when you're going and how long you are staying for.
it would definitely save money. but i would also have to start worrying about a place with a balcony/sukkah.
and i would have to stock the apartment with food, have the wife cook all the yom tov meals. (yeah, if it was up to me I would go this route
but if we are going on "vacation", then she's "not gonna be cooking". (I don't blame her though, she does make pesach and every other yom tov/shabbos every other year, so its time for a break).
I remember though several years ago the whole extended family went to israel and stayed at the citadel (i didnt even bother looking this time since my wallet cant afford that) but people were saying that some restaurants have yom tov pre-paid dine in meals, so maybe thats an option.