Although this does happen occassionally in Thailand, this is more a question of not knowing where to find the good deals and cheaper places to stay than people actually cheating or overcharging you. Also in my experience, overcharging happens a lot less in Thailand than in nearby countries like Vietnam, Cambodia and especially Laos, where it seems there is some guy selling tickets for every waterfall, hike and hotspring, and they like to throw you off the bus before the final station to force you to take an expensive tuktuk.
Also, learning some basic Thai and saying sawadee krap, kop khun krap etc. does help a LOT. I make sure to always be polite and friendly and learned some basic Thai even before my first trip here. People will treat you fairly most of the time.
I would say Thailand offers amazing value for money, especially if you bring in western money. Back home, if it is even possible to find a place to live, it will cost you anywhere upwards of 40,000 THB a month, including utilities. That is IF you find a place. In Thailand it is no problem to find a place for less than 10,000 THB a month. If you are willing to spend 40k, you can live in a small palace with a huge garden and pool.
Even the garbage and water tax back home cost me over 20k THB yearly. To own a small car, I pay 4000 THB in monthly taxes and insurances. And this is one of the cheaper models. That doesn't include maintenance, which on average cost me 30,000 THB a year. Add fuel, 80 THB per liter of petrol.
Going out for some food back home also sets you back at least 600 THB, if you are able to find such a deal.
If we are talking about value, I don't think anyone would argue that Thailand offers amazing and cheap food and also some fantastic housing (but also very <deleted>ty housing of course).