I own several student rentals and have at different times lived temporarily in them between tenants. It varies by neighborhood but you cant count on this:
Students pay a premium per bedroom and so near campus housing costs more per feature than houses further away. If you are renting, you will pay more if you are near campus. If you are buying, you will pay more for less.
Living near campus means living near a concentration of restaurants and stores all in walking distance.
The area between the Northside and Carrboro is the epicenter of development in our town, per the planning departments increased density design, and it is expected that more non-students will live near campus.
If you want to walk to services and are easily bored move uptown and coexist with students.