Some potential advantages of homeownership in Lebanon, Missouri include:

1. Growing real estate market: The real estate market in Lebanon, Missouri has been growing steadily in recent years, which means it could be a good time to purchase a home that may appreciate in value.

2. Lower cost of living: Lebanon has a lower cost of living compared to other cities in Missouri, which could make it more affordable to own a home there.

3. Good schools: Lebanon has good public schools, which could be a factor to consider if you have or plan to have children.

4. Sense of community: Lebanon is a small city with a close-knit community where people tend to know and interact with one another more than in larger metropolitan areas.

However, there are also some potential disadvantages to homeownership in Lebanon, Missouri, including:

1. Limited job market: Although Lebanon is growing, it is still a relatively small city with limited job opportunities compared to larger cities, which could make it challenging to find work.

2. Weather risks: Lebanon can experience severe weather including tornadoes, thunderstorms, and floods. Homeowners may need to invest in severe weather insurance, which can be costly.

3. Higher property taxes: Property taxes can be relatively high in Missouri compared to other states, which could make homeownership more expensive in the long run.

Overall, it's important to weigh these pros and cons and consider your personal financial situation and goals when deciding whether or not to buy a home in Lebanon, Missouri.