The performance of the density matrix renormalization group (DMRG) is strongly influenced by the choice of the local basis of the underlying physical lattice. We demonstrate that, for the two-dimensional Hubbard model, the hybrid real-momentum space formulation of the DMRG is computationally more efficient than the standard real-space formulation. In particular, we show that the computational cost for fixed bond dimension of the hybrid-space DMRG is approximately independent of the width of the lattice, in contrast to the real-space DMRG, for which it is proportional to the width squared. We apply the hybrid-space algorithm to calculate the ground state of the doped two-dimensional Hubbard model on cylinders of width four and six sites; at $n=0.875$ filling, the ground state exhibits a striped charge-density distribution with a wavelength of eight sites for both $U/t=4.0$ and $U/t=8.0$. We find that the strength of the charge ordering depends on $U/t$ and on the boundary conditions.Furthermore, we investigate the magnetic ordering as well as the decay of the static spin, charge, and pair-field correlation functions.