Here are some general pros and cons of home ownership in the village of Penn Valley, California:

Pros:
- Penn Valley has a lower cost of living compared to other parts of California, making it a more affordable place to purchase a home.
- The area is surrounded by beautiful natural scenery and has a mild climate, which can be a big draw for those who enjoy spending time outdoors.
- There are plenty of recreational opportunities in the area, including boating and fishing in nearby lakes like Lake Wildwood and Englebright Lake.
- Homeownership can be a good way to build long-term wealth, as you are building equity in a valuable asset over time.

Cons:
- While living in Penn Valley can be more affordable overall, real estate prices in the area have been increasing in recent years due to high demand from buyers looking for more affordable housing options outside of larger cities.
- The village of Penn Valley is a relatively small community, which could be a drawback for those who prefer the hustle and bustle of a bigger city.
- It can be more difficult to find job opportunities in Penn Valley, as the economy in the area is primarily driven by tourism and hospitality.
- Owning a home requires a lot of upkeep and maintenance, which can be time-consuming and expensive in the long run.

These are just some general pros and cons of home ownership in Penn Valley, and your personal experience may be different depending on your individual circumstances and preferences.