The short answer is yes, but its exact influence will depend on the specific colleges to which you apply.
Most private colleges are looking for geographic diversity. If you are from a state that is geographically distant from a given college—or is underrepresented among its current student body—your home address will boost your odds of admission at that school.
With public colleges, the critical issue is whether you’re in state or out of state. Some public colleges (such as those in California) have been more aggressively admitting out-of-state students as they can charge such students higher tuition rates; this benefits these schools in the obvious way.
Want to learn more about the role of geography in college admissions? Check out this post on the Montgomery Educational Consulting blog.