I've had a great experience with my on-campus living, and a lot of that had to do with my roommates. I was assigend a great group from the onset of my college career, I met more great friends, an always had a nice group to live with. When you have everyone selected and all your information, applying for housing is a breeze! If you don't...it's like playing Russian roulette.
Most students get sort of cynical and either find somewhere off campus to live or commute for the last year or two, and I have feelings about that too. The school is in Newark. Unless you are intimately familiar with the area and the responsibilities of having an apartment (which most 18-22 year olds aren't...), you're not going to find a better deal with that commute to the school. Literally, I could wake up 15 minutes before class and still make it to the class on time. Living in housing I wasn't responsible for repair costs (for small, normal things, I can't speak to large damages), utilities, renters insurance, etc. It's an easy luxury to be able to just tell your RA and they fix things. On top of that, each building has security. It seems laughable, but there were several instances where I was thanking my lucky stars that there was a security guard at that door. Most of the issues came from inebriated students visiting from other surrounding schools, but either way it was great to know that aside from just the locks on my door, there was an authorized person with a direct line to the police blocking any ill-will from coming into the door. Nothing beats that.
Is it cost effective? Nope. If I didn't have (essentially) a full ride, I would have had to commute. But I definitely made life-long friends, got way more involved with my professors and departments, and was able to find great opportunities simply because I was...well...around. If you can swing it, dorm. If you can't, take the train and make a concentrated effort to get involved.