Advantages:
- Elgin offers a lower cost of living compared to other cities in the United States, meaning that homeownership can be more affordable.
- Elgin has a thriving community that offers plenty of opportunities to get involved and build relationships with your neighbors.
- Property ownership in Elgin offers the potential for appreciation and a return on investment over time.
- Homeowners in Elgin have more flexibility to make improvements to their homes, such as remodeling or landscaping to increase property value.
- Homeownership allows for personalization of the living space to suit the individual's needs and preferences.

Disadvantages:
- Homeownership can be a long-term financial commitment, and there are costs associated with maintaining and repairing a property that renters do not have to deal with.
- Real estate prices can fluctuate, meaning that property values can decrease over time and homeowners may not recoup their investment when they sell.
- Property taxes and insurance costs can be high, and homeowners may face unexpected expenses like repairs, updates, or emergency repairs.
- Homeowners in Elgin are responsible for property maintenance, including yard work, snow removal, and repairs, which can be time-consuming and expensive.
- Houses in Elgin can be exposed to natural disasters such as tornadoes, which pose a risk of damage and destruction to properties.