When I was deciding between colleges, there were only two schools I ever considered. One was in my hometown and the other was an hour away. Of course it was a hard decision to make and many factors went into it, so hopefully I can share them with you and help you with your decision!
your own space - this one is pretty much a no brainer. I have my own room in my house and my family is good about privacy, but it's so different having a space that is just mine. Of course, I have a roommate so this can have a con side too (such as getting woken up and living in a tiny little dorm), but that was my own choice.
missing out on family/friends - originally, I didn't think about this one very much because I'm only an hour away, but an hour is still an hour. I left for school only two weeks after my sister passed away and went home every weekend for pretty much my whole year so that I could be close to them. Now, I go home every other weekend, but I still miss family things that fall during the week and little inside jokes and daily routines. Also, it must be said, your friends' lives are going to go on without you. I don't mean that in a totally bad way because of course yours will go on too, but be prepared for them to make new friends and have a life that you don't know about.
doing only what you want to do - this might just be my favorite part of living on my own. I can sit in bed all day and watch Netflix, let my room get as dirty as I want it to be, eat whatever I want to, and do what I want whenever I want. This is bad for the cleanliness of my room and my health, but oh so good overall.
added costs - this one is a doosy. Not only do you have to pay for things you never had to buy before like food and practicals like toothpaste and deodorant, but you also have to also for gas to travel back and forth and car repairs while you're at school. Things that you never factored in like medicines and basic home items (pots and pans, detergent, etc) really add up and it's definitely something to think about.
new place and new experiences - This is a close second to doing whatever I want. I love having a new town with a million things to explore and new people to meet and things to experience. It can be a bit much in the beginning, especially if you don't know anyone, but having so many different people always around is really nice. You can be whoever you want to be and explore so many different clubs, hobbies, and classes and even though you have that in your hometown, you will also always have people from your high school around too, and out of town the chances of running into someone you know are very slim!