Advantages of home ownership in Wood River, Nebraska may include:

1. Stability: Owning a home provides stability knowing that you have a secure and permanent place to live.

2. Potential for equity: Over time, your home may increase in value, which can lead to equity that can be used to finance future investments.

3. Control: As a homeowner, you have more control over your living situation and are able to make changes to your property as you see fit.

4. Tax benefits: You may be able to deduct property taxes and mortgage interest payments from your taxable income.

Disadvantages of home ownership in Wood River, Nebraska may include:

1. Cost: Homeownership is expensive, and you will need to have a significant amount of savings to buy a home.

2. Maintenance: You will be responsible for maintaining your home and keeping it in good condition, which could be costly.

3. Lack of flexibility: Owning a home means that you are tied to that location, and it may be difficult to move quickly if you need to relocate.

4. Risk: There is always the risk that your home may decrease in value, causing you to lose money if you need to sell.