While some may argue that the $99 price can be classed as affordable, carriers have been trying to move away from the subsided pricing platform with programs similar to T-Mobile's Un-Carrier initiative. This means that even users in the US will have to pay the full $550 to own Apple's newest iPhone.
So what exactly do we get for $550? The iPhone 5c comes with a 4 inch Retina Display, which has a 640 by 1136 pixel resolution. You also have up to 32GB of storage, an 8 megapixel camera, a secondary camera for FaceTime calls and an Apple A6 processor. In case you find these specifications familiar, its because they are the exact same specifications from last year's Apple iPhone 5. In fact Apple has cleverly hidden the iPhone 5 hardware inside a plastic polycarbonate shell and positioned it into the place where the iPhone 5 should have rightfully been in.
Cheaper Alternatives
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However its most impressive feature is its 8MP camera which features optical image stabilization that allows for blur-free night shots and steady video capture. The Lumia 925 costs $480 on Amazon
If you are not someone who buys into big brand names, the Huawei Ascend P6 with its metal and glass housing comes in one of the slimmest frames in the market. The Android running Ascend P6 displays excellent craftsmanship and comes with a 4.7 inch 720p HD display, expandable storage and a quad-core processor with 2GB of RAM. While the Ascend P6 also features an 8MP camera and a 5MP camera in front, its photo quality can be questionable. You can get the unlocked Ascend P6 for as low as $430 on Amazon
Remaining true to iOS
At the end it will come down to your attachment to the iOS universe, which unmistakably continues to dominate with its selection of apps and games. If you want to stick to iOS over Android or Windows Phone, you could consider the recently discounted Apple iPhone 4S or the discontinued iPhone 5. Keep in mind that while Apple only offers the 8GB variant of the iPhone 4S, you maybe able to find a reasonably priced iPhone 4S ( Amazon

You should also probably consider spending an extra $100 and investing in the iPhone 5s. Apple's flagship is the best money can buy at the moment and comes with some attractive new features which justify its price. But before you spend you money on the iPhone 5s, you may also want to look at some of the better ( and sometime cheaper) alternatives to the Apple's top smartphone.
Keep in mind that you will likely hold on to your smartphone investment for at least two years, especially if you are tied down to a contract. So its best to remember than two years comes with big changes in the smartphone world, and its best to have capable hardware than settle with an overpriced underwhelming product.