Advantages of home ownership in Lemont, Illinois may include:

1. Build Equity: As you make mortgage payments and increase the value of your home by making improvements, you build equity. You can eventually use the equity for home improvements or sell the home at a profit.

2. Tax Benefits: Homeowners can deduct their mortgage interest payments and property taxes on their federal income tax, which may provide a significant tax break.

3. Stability: Owning a home provides a stable and predictable housing payment. You know what to expect with your mortgage payment, whereas rent is subject to increase at any time.

4. Pride of Ownership: Homeownership provides a sense of pride and accomplishment. You can customize your living space to your liking and make it your own.

Disadvantages of home ownership in Lemont, Illinois may include:

1. Cost: Down payments, closing costs, and maintaining a home can be expensive, which can be a barrier to homeownership for some.

2. Risk: Home values can fluctuate, and economic downturns can decrease home values, which may make it difficult to sell or refinance a home.

3. Maintenance: Homeowners are responsible for maintaining and repairing their homes, which can be costly and time-consuming.

4. Limited Mobility: Owning a home can limit your mobility, as selling a home and moving can take time and cost money.