I moved into halls when I went to university and I lived 5 minutes down the road! The reason.... because I wanted independence. I'm not the type to party or be interested in that type of stuff, but the sooner you begin to grow up and become independent, it can help in various ways in your life.
I'm currently applying to universities again that I could travel to, 1-2 hours. Although depending on the course you're doing, some courses really do require your time and no doubt that from travelling so much you'll want to put your work aside and rest by the time you get home! It could work the other way though, if you live away, will you focus on work or think of family too much?
Have a good think, there's plenty of time yet.