Living on campus is easier, one bill (except electric) and close to classes. The only downfall is that you're on campus, meaning you have some rules to abide by, lack of other amenities you would have off campus (own laundry, bigger space, pets, etc.). Overall, if you enjoy living on campus, go right ahead, the price isn't really that attractive compared to other apartments in the area IMO.
Keep in mind that those complexes (San Prado, San Lagos, Sage Stone) are the most popular b/c MWU has many programs by which those students need housing and not to mention none students by which they will tend to have a waiting list, so keep that in mind. There are many many nice apartments in Glendale, Peoria, Phoenix...do a thorough search. A 10 minute drive isnt that bad come your 6th month and you see your classmates everyday, and now you gotta go home and live right next to them...lol, not a good look if you ask me! As another poster mentioned, a house is an great option, thats what I did...not exactly bought one though, but rented out a room in a really really nice home 1/2 mile from campus and that worked out great! Or you can get some folks together, and rent out an entire house, a lot of students do that as well.