This has been a point of discussion in the past. My daughter is very excited about living in the house next year. It's a pretty "cushy" set up and all Juniors must do this. If you are on the board, you also must live in the house. They have a parlor fee even though their house is full.
On the other hand...My son and his friends say things like they don't think they want to because-
1.If you have nice things, they will get damaged.
2.If you have nice clothes, everyone will want to borrow them.
3.UNSTATED but implied

GIRLS!
4.Study time would be difficult with brothers in and out-the ruckus.
5.Privacy
From what they say, there would have to be some way to put boundries in place and if you are a "laid back" kind of guy, it would be hard to self impose the above list. Don't overlook the possiblity that some parents may not like the idea because of their own images of an "Animal House" atmosphere. What guy would honestly say, "My Mommy and Daddy won't let me."