Here are some pros and cons of home ownership in the city of Gages Lake, Illinois:

Pros:
- Gages Lake is a relatively peaceful and safe place to live.
- The city has a good public school system, making it a great choice for families with children.
- The city is conveniently located, with easy access to major highways and public transport.
- Home prices in Gages Lake are relatively affordable compared to other cities in Illinois.
- Owning a home in Gages Lake can be a good investment over the long term.

Cons:
- Property taxes in Gages Lake are relatively high compared to other areas in Lake County, which can make home ownership more expensive.
- The cost of living in Gages Lake is higher than the national average, including costs for housing, transportation, groceries, and other expenses.
- There is limited public transportation in Gages Lake, which means that residents typically need to have access to a car in order to get around.
- The winters in Gages Lake can be cold and snowy, which can require extra maintenance for homeowners.
- Like many other areas in Illinois, Gages Lake can experience severe weather events such as thunderstorms, tornadoes, and flooding, which can cause damage to homes and property.

Overall, Gages Lake can be a good place to own a home if you are looking for a peaceful, family-friendly community with good schools and convenient access to transportation. However, the high cost of living and potential weather hazards should also be considered before making a purchase.