This is always a common dilemma when going to college for the first time and of course there is no direct answer. Living on campus gives you the ability to network with peers and make a lot of friends and future roommates but there is the cost of room and board (varies by school) as well as cost of a meal plan for eating on campus. The downside often can be lack of privacy and a noisy environment when you are studying and doing homework. Living at home is usually the most economic way to go since you have to normally pay just for travel and parking but you can miss the college experience unless you really work hard at getting into extracurricular activities. Personally I lived off campus for the first 2 years and in an on campus apartment for the last 2 years. I believe living off campus I was able to concentrate on my studies and adjust to the new life, living on campus I was able to really expand my network of friends and be more active in groups.
Either way, enjoy the experience!