$16 × 30 days would be $480/month. Expensive for commuting, but cheaper than most apartments even in the cheaper parts of the US, let alone (surely) London.
You can't really compare living in an apartment with living on a train.
Also, generally for $480 per month there will be somewhere non-moving that you'll be able to stay, such as a hostel or a roomshare apartment (which isn't necessarily legal, but common in larger cities).
