Advantages of home ownership in East Rochester, New York include:

1. Property appreciation: East Rochester has experienced steady property value growth over the years, which means that homeowners stand to gain equity and even profit through the resale or refinancing of their properties.

2. Stable Housing Costs: Owning a home in East Rochester also provides a level of stability in terms of monthly housing costs such as mortgage, property taxes, and insurance. This is because homeownership offers the opportunity to lock in a fixed-rate mortgage or a predictable monthly payment when choosing an adjustable-rate mortgage, providing more predictability compared to renting.

3. Tax Benefits: Home ownership in East Rochester, NY allows homeowners to deduct mortgage interest and property taxes from their federal tax returns.

4. Freedom to Modify the Property: Homeownership gives homeowners the freedom to modify or renovate their property as they wish, allowing them to personalize their living spaces to suit their needs and tastes.

Disadvantages of homeownership in East Rochester, New York include:

1. Financial Responsibility: homeownership comes with a significant financial responsibility, particularly when things like repairs and maintenance come up unexpectedly. Homeowners need to be prepared for the additional ongoing expenses of ownership, such as upkeep and maintenance costs.

2. Market Fluctuations: Homeowners in East Rochester face the risks of unpredictable market fluctuations that can impact the property values and availability of buyers.

3. Limited mobility: Homeowners can find it more challenging to relocate if they need to due to job changes, family needs, or face any other reason that may require them to move.

4. Opportunity Costs: The costs of owning a home such as the down payment, mortgage, and maintenance costs all come with an opportunity cost in that they tend to limit some actions and other investments. For instance, the down payment you use to buy a home could have been invested in stocks or other investments that can yield higher returns than the property.