I'm looking for a reasonably priced hotel, B&B, or guest house that is close to Zion. Is Hurricane the only place that has accommodations under $125 a night?

Price is going to depend on when you are planing to visit.
We stayed at the Zion Park Motel in Springdale which was among the most reasonably priced. Has a pool too.
Mark

You might check the hotels on the east side of the park, although I'm not sure that's any closer than Hurricane:

www.eastziontourismcouncil.org/zion-national-park-lodging.ht>>>

check the Dream Catcher B&B in Rockville. Runs 65-95 per night. One of the cheapest places in the canyon and its quiet and clean.