Pros of home ownership in the village of Reese, Michigan include:

1. Stable housing costs - As a homeowner, you have control over your housing costs and can create a consistent monthly budget for your payments.

2. Building equity - By paying a mortgage each month, you're building equity in your home which can be an important source of wealth.

3. Tax benefits - Homeowners are eligible for certain tax deductions, such as mortgage interest and property taxes.

4. Sense of community - Living in a small village like Reese can create a strong sense of community among neighbors.

Cons of home ownership in the village of Reese, Michigan may include:

1. Property maintenance - Homeowners are responsible for maintaining their property, which can include costly repairs and upgrades.

2. Limited rental opportunities - If you decide to move, it may be difficult to find renters who are willing to live in a small village like Reese.

3. Limited job opportunities - Reese is a small village, so job opportunities may be limited if you need to find work locally.

4. Weather - Michigan can experience harsh winters and severe storms, which can lead to property damage and higher maintenance costs.