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When I visited the campus and met with admissions, they basically told me that it was more of a commuter campus and folks drove in from the city (not surprising given that it is LA). I don't think you should expect to find many of your MBA classmates in the nearby USC area. That was just my impression though, when I visited.
There's a pretty wide age range in the Marshall MBA class IMO, and I would think your personal situation will heavily factor into the experience. From what I've heard there's a Marshall student social organization that hosts social events with the other grad schools (Keck in particular), and if you're into sports, wait until you see Gameday on campus. Now that 'SC is down, it's not quite the same (I finished undergrad in 2008), but it's still a spectacle, and a lot of fun - and also a a topic of conversation with future employers. I wouldn't be too concerned about the lack of a physical community, I think you'll still definitely find that there is a strong sense of community. I don't think the housing in downtown is actually that expensive if you are able to find a roommate - at the Orsini you can find two BDR's for under $2k, and it is a gorgeous building. One of the great things about LA is its diversity, and housing is no exception.