Off-campus housing at Ursinus is a bit of a joke. The closest apartment complex, College Arms, does not like having students live there. And while some students do manage to get a place there—and they're pretty nice—it's not many. There is also the Tornetta Apartments, about a block and a half from campus, that some students call home during the school year. But while students certainly can live off campus, most do not. Off-campus housing is a bit of a hassle, and only a very small amount of students get financial aid bonuses for living off campus. Generally, the school discourages students from moving out of College-owned housing, and with a limited amount of places to go, it's not hard to convince students to stay.
The advantages to living off campus are that students may be able to find a cheaper place to live than college housing and learn how to be more independent. Rooms off campus will most likely be much larger and nicer, but it's certainly more inconvenient than living on campus. The rule of thumb is to take advantage of the ease and simplicity of living in the dorms or houses during the four years you spend here.