Pros of homeownership in Lewiston, Michigan:
1. Stability: Owning a home provides stability for families as there is a sense of permanency and security that comes with homeownership.
2. Appreciation: Over time, homeownership can lead to appreciation in property value, which can provide a return on investment.
3. Control: Homeowners have more control over their living space, allowing them to make modifications that fit their personal style and preferences.
4. Tax Benefits: Homeowners in the US can deduct mortgage interest and property taxes from their federal income tax returns.
5. Sense of Community: Owning a home can give a sense of pride in the community and encourage participation in local events and organizations.

Cons of homeownership in Lewiston, Michigan:
1. Maintenance Costs: Homeowners are responsible for maintaining their properties, which can be costly over time.
2. Market Fluctuations: Property values can fluctuate with changes in the housing market, potentially affecting the resale value of your home.
3. Limited Flexibility: Owning a home can limit your flexibility to move, as it is not as simple as ending a lease agreement.
4. Unforeseen Circumstances: Unforeseen circumstances, such as natural disasters or job loss, can make it difficult to keep up with mortgage payments.
5. Increased Responsibility: Homeowners are responsible for tasks such as lawn maintenance, snow removal and repairs, which can be time-consuming and require a large investment of time and money.