Personally I made the decision to stay in the city for college and it was certainly one of the best I've ever made. Something about juggling school with "real world duties" such as a part-time (sometimes full-time) job helped me grow-up quickly and prepared me for everyone's favorite term post-graduation, the real world. I honestly wouldn't have had it any other way, and I definitely don't feel like I missed out on anything. I even had the opportunity to study abroad with my school, which is definitely one of those memories I will forever hold onto from my college years.
All in all, what I want to say here is that whether you go half-way across the country or three train stops away for college, the important thing is to DO IT, I promise you, you will never regret it. And don't forget to enjoy the ride.