Here are some pros and cons of home ownership in the village of Ouray, Colorado:

Pros:
- Scenic location: Ouray, Colorado is a picturesque village with stunning views of the mountains and natural landscapes.
- Sense of community: The small size of the village and its close-knit community can foster a sense of belonging among its residents.
- Potential for passive income: If you own a vacation rental property in Ouray, you may have the opportunity to generate additional income during peak tourist seasons.
- Potential for property appreciation: If you plan to hold onto your property for a few years, you may see an increase in its value over time as the housing market in the area improves.

Cons:
- High cost of living: According to BestPlaces.net, the cost of living in Ouray, Colorado is 25% higher than the national average. This can make it more challenging to afford a home in the area.
- Harsh winter weather: Some people may not enjoy the cold and snowy weather that Ouray experiences in the winter months, which can limit their enjoyment of the area.
- Limited job opportunities: Due to the small size of the village, there may be limited employment opportunities for residents. This can make it difficult to support a family or to find jobs that are commensurate with one's skills and experience.
- Limited access to amenities: While the village has all of the essentials, such as grocery stores and restaurants, residents may need to travel to nearby towns for specialized services or entertainment options.