The cheap mentality is mostly based on the surrounding where the person lives. If the surrounding where a person lives is cheap, the chances are his mentality will also be cheap. It is an acquired trait.
A child does the same what he sees in his family. If the members of his family have cheap mentality, chances are he can also acquire those traits. Later on in his life, he will find friends who have cheap mentality because he would not be able to survive with the people who have good mentality.
So, it all depends on the family and the society.