There are pros and cons to each living situations and sometimes you may not think about all the details and only see the fun side of things. Living with friends sometimes seems like an obvious answer when you are in college because you are ready to leave the nest and become an adult (or whatever you think an adult is). For me personally, I have loved living with my friends but I also love living with my family.
One pro to living with your friends is that you never have to make plans to see them because they are in the next room. You always have people to hang out with or even just sit in the room and watch TV with. They will become like your sisters/brothers. They are down to go places with you and just be there when you don't want to be alone. Now if you did grow up with siblings as I did, then this probably isn't too different. In my sister's teenage years she is more interested in hanging out with me and going places with me, so I didn't really have a different experience with this pro, but if you have been an only child, this might really benefit you.
One con to living with friends is that you don't have someone who is okay with cleaning up after you, washing your clothes, washing your dishes, or even cooking your meals. Your roommates will sometimes include you in dinner or other meals but then you might have to do the dishes. You never know how much you're spoiled until you move out of your parents' home. Not only do you have to clean and cook, but you have to buy stuff too. If you want groceries your parents are no longer on the hook for that. It's up to you now to get what you need or want.
One more pro to living with friends is that you have more independence. I grew up in a household where there were rules and curfews, even up to when I left for college. So when I left for college (which is four hours away from home) I got to experience how I didn't have to ask my parents what time do I need to be home or can so and so come over. It was up to me what I wanted to do. I like responsibility, and I have always been an independent person so it didn't really hit me as hard as it did some people.
One more con to living with friends is that you might not be all the way comfortable with them. Living at home you always feel comfortable telling them things or being yourself. Living with friends, you may strive to be something you're not just so you can fit in. Also, you might trust them a little too much. They aren't your family and you can't always rely on other people to, for example, keep all your secrets. People mess up. Be sure when living with friends that before you get too comfortable, you're being careful..
Here is a pro to both: If you live with your best friends or your family, there are people to talk to. If you are having a hard day or a hard week and you need someone to talk to and cheer you up, your roommates will be there but your parents would be too. Sometimes our parents make us mad by being embarrassing or whatever, but honestly, no one has your back like your family does. My friends are great and my roommates are great, but there probably will be fights and everything won't always be great, which can be the same with family too. I know at the end of the day, my family will always be there to let me come home.