The best thing about living away from home is that you have more freedom. You can set your own rules, stay up late, invite friends to your place and have parties whenever you want; hence, a parent- free environment is awesome, but you need to be mature enough to handle it. A drawback is that you may feel homesick. You may miss the moments that you used to share with your family, or even those familiar things such as your neighborhood, your bedroom, your pet and so on. A study in Neuropsychiatry states that people get higher mental health scores if they lived in their family home.
Another disadvantage is that you will have to pay a rent, pay the bills, and buy your own food which will definitely affect you in the financial aspect. Finally, another aspect is convenience. You will not have many of the things that you used to have at home. You will have less free time for other activities because you will spend more time doing housework, balancing the budget and organizing things by yourself.
On the other hand, living at home can be frustrating because you always have to obey rules; Your parents will control you most of the time, but this can be a benefit because it can prevent you from being lazy and wasting time doing things that are unproductive. The emotional aspect is also a plus because you would definitely feel better at home. There is nothing like family. They can support you when you need them and cheer you up.
Moreover, you can save a lot of money because you do not have to pay a rent neither do you have to buy your own food because your parents will do that for free or sometimes charge you just a low rate. Another point in favor is convenience. You have almost everything you need at home; furthermore, your mother usually does all the housework, at least of the common areas, and organizes everything; consequently you will have more free time for studying or just going out with your friends and having fun.