There are several advantages and disadvantages of home ownership in the village of Arrington, Virginia, but some of the main ones are:

Advantages:
- Property values tend to appreciate over time, providing a long-term investment opportunity to build wealth
- Homeowners have more control over their living space and can personalize it to their liking
- Owning a home can create a sense of stability and belonging to a community
- Homeowners can enjoy the privacy and freedom of not having to answer to a landlord

Disadvantages:
- Homeownership can be expensive, and there are many hidden costs associated with maintaining a home, such as repairs, property taxes, and insurance
- If the housing market declines, homeowners may lose equity in their property
- Homeowners are responsible for all upkeep and repairs to their property, which can be time-consuming and costly
- Moving can be difficult because of the long-term commitment and the need to sell the property.

In addition, for the village of Arrington specifically, you'll want to consider factors such as the local real estate market, property taxes, and the cost of living in the area. It's also worth researching any specific factors that could impact property values, such as zoning laws or planned developments in the area.