Hey! First year here. The majority of students live on campus. Rent is dirt-cheap like others have mentioned, and it's pretty great to live in the same building as your friends / just walk across the street to get to class. You most people live with 1 or 2 roommates (there are studios and one-bedrooms, but those are reserved for MSTP students, students with children, and couples who are engaged or married. However, you can put your name on a waitlist for a studio, and most people are able to get one by 2nd or 3rd year from what I hear). Everyone does get their own room - no one shares rooms or anything like that, which was a source of confusion last year.
I have some friends who live off campus as well though, and they don't have any issues with that. It's all personal preference.