Essex Fells is an affluent and charming village with many advantages of homeownership. Here are some advantages and disadvantages:

Advantages:
1. Good community: Essex Fells has an excellent community with friendly neighbors that take care of each other.
2. Good schools: Essex Fells is home to great schools, and high school graduates have access to the neighboring colleges and universities.
3. High property value: House prices in Essex Fells are relatively higher than in surrounding areas, meaning you can gain significant appreciation in the long term.
4. Availability of amenities: There are top-notch amenities in the village like shops, restaurants, parks, and other outdoor recreation facilities to enhance the quality of life for the residents.
5. Proximity to New York City: Essex Fells is close to the city, and it's easy to commute to work or enjoy the city's amenities.

Disadvantages:
1. High property taxes: Essex Fells has high property taxes, which affect the cost of homeownership adversely.
2. Cost of living: The cost of living in this village is considered high, which can stretch some homeowners' budgets pretty thin.
3. Limited diversity: Essex Fells is a predominantly white community, which may not appeal to some homeowners seeking a more diverse environment.
4. Limited public transportation system: There is no public transportation system servicing Essex Falls, which limits the options for commuters and increases the cost of owning a vehicle.