Advantages of home ownership in Peoria, Arizona may include:

1. Appreciation in property value over time
2. Owning a home may offer stability and security
3. Home ownership may provide a sense of pride and accomplishment
4. Tax benefits, including the ability to deduct mortgage interest and property taxes from your income taxes
5. Control over your living space
6. The overall privacy and freedom that comes with owning a home
7. Freedom to make improvements and modifications to your home

Disadvantages of home ownership in Peoria, Arizona may include:

1. The initial cost of buying a home, including down payment and closing costs, may be large and require significant savings or financing
2. Ongoing costs of homeownership, including mortgage payments, property taxes, insurance, home maintenance and repair costs, and utility bills, can be substantial and may require careful budgeting and planning
3. The housing market can be unpredictable, and home values can fluctuate, potentially resulting in a loss of value on your investment
4. Lack of flexibility in terms of location and housing options, as owning a home can lock you into a particular neighborhood or city, and may limit your ability to move for job or other life changes
5. The responsibility of maintaining and repairing the home falls solely on the homeowner, which could be a significant financial and time investment.

It's important to carefully consider your individual financial situation, goals, and lifestyle before making a decision about whether or not to own a home.