There are several advantages and disadvantages of home ownership in the city of Fernley, Nevada.

Advantages:
1. Investment: Owning a home is an investment that can appreciate in value over time.
2. Equity: The equity in a home can be used for things like making home improvements or paying for college tuition.
3. Control: Homeowners have more control over their property and can make changes as they see fit.
4. Stability: Owning a home can provide a sense of stability and belonging in a community.
5. Tax benefits: There are tax benefits associated with owning a home, such as property tax deductions and mortgage interest deductions.

Disadvantages:
1. Maintenance: Homeowners are responsible for maintaining their property and making repairs as needed.
2. Expense: Owning a home can be expensive, with costs such as property taxes, insurance, and repairs.
3. Risk: There is a risk of losing money if the housing market declines.
4. Limited flexibility: Homeowners may be limited in their ability to relocate for work or other reasons.
5. Time commitment: Owning a home requires a significant time commitment, including regular maintenance and upkeep.

Specifically for the city of Fernley, Nevada, some additional advantages could include its growing economy and affordable real estate market, while some disadvantages may include its hot desert climate and distance from major urban centers. It's important to do thorough research and consider all factors before making a decision on home ownership in any location.