First person vs third person narrative

How do you decide if your story should be in first person or third person narrative? What are the pros and cons? Does it matter to readers? I’ll share my opinion but the final decision is up to you. FYI, if you hear a boom in the background, there was a plant fire in Crosby, TX. 😳 My area’s not affected, but send prayers for those that were🙏🏾