Parkwood, California is a quiet and semi-rural village located in Fresno County. The advantages and disadvantages of homeownership in Parkwood can include:

Advantages:
1. Affordable Housing: Compared to many other places in California, the housing in Parkwood is relatively affordable.
2. Peaceful and Quiet Environment: Parkwood is a small village with a countryside setting, making it a peaceful and quiet place to live.
3. Strong Sense of Community: Since Parkwood is a small village, residents often have a strong sense of community and a tight-knit neighborhood.
4. Proximity to Major Cities: Although it is located in a semi-rural area, Parkwood is only a short drive away from major cities like Fresno and Clovis.
5. Tax Benefits: Homeownership in Parkwood also comes with potential tax benefits, including property tax deductions and mortgage interest deductions.

Disadvantages:
1. Limited Job Opportunities: Parkwood is a small village, and job opportunities may be more limited than in larger cities.
2. Lack of Amenities: Since Parkwood is a rural area, it may lack some of the amenities and conveniences found in urban areas.
3. Dependence on Transportation: Residents of Parkwood may need to rely on personal vehicles for transportation, as there may be few public transportation options available.
4. Risk of Natural Disasters: Being located in a rural area, Parkwood may be at risk for natural disasters such as wildfires, floods and droughts, though this is a risk shared by many Californian communities.
5. Property Values: If you are looking to invest in property, Parkwood may not be the best option as it has experienced relatively low or static property value appreciation, compared to other Californian locations.

Overall, the decision to own a home in Parkwood or any other community depends on a variety of factors, including personal preferences, lifestyle, and financial considerations.