I just graduated from Loyola a few weeks ago--I absolutely loved my time there. It was my first choice, and I can't imagine going anywhere else. I'm really going to miss being a medical student there.
As mentioned, in the first two years, most classmates live in Oak Park/Forest Park. Some live in North Riverside, Brookfield, and La Grange/La Grange Park. For 3rd and 4th year, it seems like up to half of the class is living in Chicago. Personally I didn't want to commute that far, but for your surgery rotation you're waking up so early traffic isn't much of a problem anyway... Students usually don't live in the "real" suburbs (I don't personally consider Oak Park and Forest Park to be suburbs) unless they're living with their parents, or possibly if they have a family. I only knew a few people who lived out in the suburbs and they were living with their parents to keep costs down.
You work with just about every patient population you can imagine. As an academic institution you attract both the wealthy looking for the best specialists, as well as the poor/uninsured. There is a ton of ethnic/cultural diversity in the patients we serve. Plus, Hines VA (Chicago's main VA) that is literally on the same campus (technically we're on their campus... we bought the property for $1 decades ago...) gives you even more diversity with the vets. Granted they are almost exclusively male...
I decided to attend Loyola because it was my first choice--it just felt like the right place to be. You can't beat the people--the students, the professors, attendings, and staff. I know the motto can sometimes sound corny, but Loyola really does treat the human spirit. The people you learn from and learn with really shape who you are as a person and future physician, and I didn't think any place could beat Loyola in that aspect.
Loyola is a great place to lay the foundation of your medical education--I wish everyone the best of luck!