New Lisbon, New York is known for its rural charm, proximity to nature and affordable housing. However, like with any location, there are advantages and disadvantages to owning a home there.

Advantages:
- Affordability: Compared to other parts of the state, housing in New Lisbon is relatively affordable making it a great location for first-time home buyers or those looking to downsize.
- Low cost of living: The cost of living in New Lisbon is lower than the national average, which means you can stretch your dollar further.
- Rural charm: Located near the Adirondack Mountains, residents of New Lisbon have easy access to hiking, fishing and other outdoor activities.
- Sense of community: New Lisbon is a small village with a close-knit community. Residents enjoy a friendly neighborhood atmosphere and often gather for local events.

Disadvantages:
- Distance to city amenities: Though it's not far from larger cities like Utica and Albany, New Lisbon is still relatively rural which means that more amenities may be farther away.
- Harsh winter weather: Like the rest of upstate New York, New Lisbon experiences harsh winter weather with significant snowfall and cold temperatures.
- Limited job opportunities: The lack of major industries or businesses in the area means that job opportunities may be limited.

Ultimately, owning a home in New Lisbon, New York could be an excellent choice for those who prioritize a strong sense of community, affordability, and easy access to nature. However, those who need access to a wide range of city amenities or who require a large job market may find it lacking.