House parties are great if you've got a solid group of tightly knit people who are all chill and can help hold the fort (at least 20 who will consistently show up). It allows you to let them get big without there being too many degrees of separation and people losing accountability. We did it last year with less than $200 worth of shit that was broken, and these weren't small parties. It also cuts down your booze costs if your friends aren't pieces of shit and the guest contribute. Cleaning up still blows in the mornings, but your friends and polite guests will help if you do it right. It's also a great way to make close friends out of acquaintances if you aren't a fuck up.
Pussy can be a problem if you and your friends aren't good enough with girls to invite 60+ on your own before using word of mouth (half won't show, several will bring boyfriends or guy friends, and girls don't contribute as a general rule). That said, if you can't get a girl to a spot with free booze, you won't be having any luck with women at bars either. I'd make sure that you're not in an area where there are a ton of cops, because they will ruin your life and your house's reputation too. Also, you shouldn't be a pussy, or at least have big friends, because there will be nights where you either have guys who aren't welcome in that need to be told to fuck off, or people who were welcome, but are getting in your face about the rules, and need to be told to fuck off as well.
In short, house parties depend a lot on you. If you're a badass and social, you'll be just fine, otherwise they'll be a 12 person sausage fest where everybody is too bored to so much as play beer pong.
Final words of wisdom: drenga is great fun for smaller parties (no more than 50) and is great at getting gals naked if you've got a few sporty ones who aren't too shy to get the party going.
Edit: bars are expensive, but great for meeting the women who will be showing up to your house parties. Make sure to venture out at least once a week, and pregaming will save you lots of money.