I commuted around an hour to uni throughout the first year and it didn't impact me socially in any way. I lived out for second however so got the best of both worlds. It's just a case of putting yourself out there and making an effort to be social and mingle. That and living in halls isn't the only way to make friends. You have those on your course, those in your tutor groups, those you'll meet in societies, those you can meet via sports etc.
The other consideration to make is if the journey time will impact on your studying, and to ask yourself if it will tire you out. Food for thought a socially it isn't the only thing to consider.
You wouldn't be too far away so that if you did move, you could pop home home for the weekend.
You may miss out on the social side?