He says he really likes me, but wants to wait to date? What should I do?

There's this guy I really like that I met at a wedding back in December. We instantly clicked, and he asked if I was dating someone. He told the whole family (my dad's gf's family, he's related to her by marriage) that he really liked me and it was just kind of known that we liked each other. Throughout the spring semester, we'd talk causally and were friends. Over spring break, I asked him to hang out, and he came over, and we almost kissed, but had a feeling it was bad timing. One night, drunkenly, I told him I liked him and that he needed to do something about it, and he admitted he liked me too, as more than a friend and wanted to work something out with me. We live in the same hometown, but as of now, we go to schools two hours apart. We talked it over, and he said that I was stunning and truly interesting and definitely needed to get together when the semester ends, and I agreed to that. When I found out that I got a summer internship, and will probably have to stay away, I told him about it, and he said it "kind of sucks".

The part I'm confused about is that, when I asked him if he was really okay with that, he said he was really happy for me, because it's good for my career, but he was relieved because he felt as if he was giving up on a girl he met at his school. He said they aren't together because he's moving back home where we're from. He wanted to make a move on me when we hung out over spring break, but didn't because he still thought of that other girl. So I asked him where does that leave him and I, because I'd still like to try since he's the one who brought it up in the first place, and he said he does too, but he wants to wait until we're in the same town or when he can afford to come visit me. I jokingly said maybe he should start playing, and that I'd just let him know when I'll be back and go from there. He didn't repsond.

I don't know if that means he favors the other girl over me or if it's excuses?

All I know now is that I have two weeks we're I'll be at home for the summer at the same time as him, and I have weekends off where I can go home if I want to. I'm apprehensive of telling him, because...well I'm still confused as to where we stand. What should I do?
He says he really likes me, but wants to wait to date? What should I do?
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