honestly , it depends on the type of person you are.
I am a first year at NYU and I have alot of friends that commute and do well and some that live across the street and do not. Personally, I think your lifestyle is better if you live nearby because you can go to school and enjoy the city, hang out with you classmates at the many social events we have and not worry about the extra communting factor (not to mention get a decent amount of beauty rest 🙂 ). If you do not plan on being very social and just want to come to school, stay for class and spend the rest of your down time wherever you are living, then save yourself some money and commute!