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Denison University is a residential campus, which means the administration strongly encourages—and pretty much forces—you to live on campus all four years. Apart from a few exceptions (married students, single parents, students 25 years of age or older, or students living with parents within a 25-mile radius of campus), everyone lives together on the same campus.
Some of the benefits of residential housing include not having to worry about finding a place to live, rent, or lease, which can be a huge hassle. Denison will always provide you with housing. Additionally, it would be extremely inconvenient to live off campus, since so much of Denison's culture is based on the fact that everyone lives on the hill. It would definitely hinder your experience of the community and caring feel of Denison if you were to live off campus. Living on the hill all four years really makes Denison feel like your second home, since you live, go to class, make memories, and have fun all in the same place.