There are several advantages and disadvantages of home ownership in the city of Amsterdam, New York.

Advantages:
1. Appreciation in Property value: Amsterdam has seen a steady increase in property value over the past few years. Owning a home in Amsterdam can be a good investment, as long as the market continues to appreciate.
2. Tax Benefits: Homeowners in Amsterdam are eligible for various tax deductions such as mortgage interest, property taxes, and more, which can help in reducing their overall tax liability.
3. Stability: Owning a home in the city of Amsterdam provides stability as long as the homeowner is able to maintain the mortgage payments and upkeep of the property.

Disadvantages:
1. High Costs: The cost of homes in Amsterdam, New York is relatively high compared to the surrounding areas. Additionally, the cost of living in Amsterdam, New York is high. Thus, affordability may be an issue for some individuals.
2. Property Taxes: Though homeownership comes with certain tax benefits, property taxes in Amsterdam, New York are relatively high.
3. Maintenance: Homeownership requires homeowners to be responsible for the maintenance and upkeep of the property. This can be costly and time-consuming for some individuals.

Overall, homeownership in Amsterdam, New York has its advantages and disadvantages. It is important for individuals to weigh these pros and cons before making a decision to purchase a home in this city.