Payson, Illinois is a village with a relatively low cost of living compared to other parts of Illinois, which could make it an attractive location for home ownership. Here are some pros and cons to consider:

Pros:
- Affordability: The cost of living in Payson is lower compared to other parts of the state, which could mean lower costs associated with owning a home.
- Quiet community: Payson is a relatively small community, which could be attractive to those who enjoy a quieter lifestyle.
- Access to natural beauty: Payson has several parks and outdoor areas, including Siloam Springs State Park and Mark Twain Lake, which could be attractive for those who enjoy spending time in nature.

Cons:
- Limited amenities: Payson is a small village, and there may be limited amenities available, which could be a drawback for some people.
- Limited job opportunities: Because Payson is a small village, there may be limited job opportunities available locally.
- Distance from larger cities: Payson is located approximately 2 hours north of St. Louis, which could be a drawback for those who need to commute to larger cities for work or other purposes.

It's important to note that these pros and cons could vary depending on your personal preferences and individual circumstances. It's always a good idea to weigh the pros and cons carefully before making a decision about home ownership in any location.