Here are some potential pros and cons of home ownership in the village of Mustang Ridge, Texas:

Pros:
- Lower cost of living compared to some other parts of Texas.
- Potential for increased home value over time.
- Sense of community and pride of ownership.
- Relatively close proximity to Austin for jobs and entertainment.

Cons:
- Limited job opportunities within the village itself, which may require a commute.
- Rural lifestyle may not be for everyone.
- Some homes in the area may be older and require more maintenance.
- Limited amenities and entertainment options within the village itself.

It's important to note that everyone's preferences and situations are unique, so what may be a pro for one person may not be for another. It's also important to thoroughly research the area and consult with a real estate professional before making any major financial decisions.