The price of the hosting package you choose will also depend on the hosting platform you would prefer. If you choose Windows hosting platform for your hosting package, you will have to pay higher price for it as Windows is a 3rd party application and it requires licensing fee.

However, as you only need PHP 5.x supported on the website, Linux hosting platform should be fine for you as PHP 5.x is supported on Linux and hence I would suggest you to choose a Linux hosting package.