Pros and cons of homeownership that may be applicable to the village of Peru:

Pros:
- Equity and wealth building: Homeowners can build equity in their homes as their property value increases over time, creating a financial asset that can be used for future investments or retirement.
- Control and customization: Homeowners have more control over their living environment and can customize it to their specific needs and preferences.
- Stability and security: Homeownership can provide a sense of stability and security, as homeowners can choose to stay in their home for a long period of time and not worry about rent increases or eviction.

Cons:
- Responsibility for maintenance and repairs: Homeowners are responsible for maintenance and repairs of their property, which can be costly and time-consuming.
- Risk of market fluctuations: The value of a home can increase or decrease depending on the real estate market, which can impact the equity homeowners have in their property.
- Limited flexibility: Homeownership can be a long-term commitment, making it harder to move or change living situations if needed.

It is important to note that the specific pros and cons of homeownership can vary depending on the local real estate market and individual circumstances of the homeowner. It is recommended to do extensive research and work with a reputable real estate agent to make an informed decision about buying a home in Peru, Nebraska.