Ski-focused Airbnb markets rarely resemble the glossy image of Aspen or Tahoe. The data makes it clear. The highest-yielding winter sports destinations are those where snow-driven demand meets housing prices that haven’t already absorbed the ski premium.

In 2026, the top five US ski tourism markets by gross yield range from 13.2% to 7.8%, with entry prices stretching from below $300,000 to nearly $600,000. This spread highlights a straightforward pattern. The best returns emerge where the winter draw is authentic but the local real estate hasn’t been pushed out of reach by waves of second-home buyers or institutional investors.

Gross yield here shows the ratio of median Airbnb revenue to median home value, offering investors a direct look at cash flow potential before expenses. This explains why the most famous ski towns don’t make the cut. As buy-in rises, yield slips from the upper ranks. For markets where winter demand can truly offset your investment, the following list is your starting point. Match with a local agent to access current listings and detailed underwriting insights.

Ski Airbnb Market Rankings 2026 (and the City-by-City Breakdown)

Data as of August 5, 2026. Each market’s annual revenue is calculated as the median listing’s ADR × occupancy × 365, using trailing 12-month data. The table reports the median listing’s revenue, ADR, and occupancy, which are calculated independently and will not multiply to the revenue figure shown. Gross yield divides the median revenue by the median home value (Zillow ZHVI). See the full data methodology.

The headline revenue averages every listing, while the active-operator benchmark filters for properties with consistent booking activity, this is the figure a serious buyer should use for underwriting. In seasonal or second-home markets, the difference between these numbers can be significant.

1. Duluth, MN: High yield at a snowbelt price

Duluth tops the national ski tourism yield ranking at 13.2%, pairing a strong winter pull with a median home value below $300,000. August brings peak occupancy at 72%, and even in January, occupancy holds at 26%.

ADR has increased 10% year-over-year to $254, while occupancy has softened by 9% in the same period. Duluth’s seasonal revenue is remarkably even, with spring, summer, fall, and winter each accounting for about a quarter of annual bookings.

This evenness means Duluth offers more than just a winter play. Investors can expect a median annual revenue of $39,148, with active operators earning $37,271. The payback period lands at around 8 years of gross revenue, and a 13.2% yield puts Duluth in the 84th percentile among 501 US markets.

Four-bedroom homes lead the way, pulling in over $45,000 per year at a $615 ADR. For more detail on revenue by bedroom count and season, see Duluth’s full analytics page.

Who it fits. Buyers targeting a high-yield, four-season market with accessible entry prices and a long booking calendar.

Regulation: Short-term rental rules vary by city, county, and HOA. Verify current requirements for the specific property before buying.

2. Pigeon Forge, TN: Smoky Mountain volume with a winter dip

Pigeon Forge stands out for booking volume and a median gross yield of 11.9%. Occupancy peaks at 69% in October, then drops to 24% in January, underscoring sharp seasonality tied to fall foliage and winter sports. ADR has surged 22% year-over-year to $286, while occupancy has eased by 7%. Median annual revenue is $50,639, with active operators earning $49,256, a slim 3% gap that shows committed hosts nearly capture the market’s full upside.

Two-bedroom homes make up most listings, but six-bedroom properties top the revenue chart at nearly $75,000 per year. The payback period is about 8.6 years at the active-operator benchmark. Pigeon Forge’s gross yield places it in the 78th percentile nationally, making it attractive for buyers who can navigate the swings between peak and off-peak months. The full analytics page offers a detailed breakdown by property size and season.

Who it fits. Investors seeking high booking volume and a proven short-term rental track record, with the ability to manage off-season volatility.

Regulation: Short-term rental rules vary by city, county, and HOA. Verify current requirements for the specific property before buying.

3. Yucca Valley, CA: Desert winter demand, steady returns

Buyers focused on price will notice Yucca Valley’s $360,731 median home value, which sits below the US median and supports a 10.5% gross yield, placing it in the 68th percentile nationwide.

The winter surge is clear in March, when occupancy rises to 60% and drives 29% of annual revenue. September, by contrast, sees occupancy slip to 33% as desert heat curbs demand. This pronounced seasonality affects both revenue timing and underwriting, with cash flow concentrated in winter and spring.

Active operators report $36,939 in annual revenue, closely matching the market median. The typical payback period is about 9.8 years at current prices, a draw for those seeking stable, mid-term returns. Two-bedroom homes are most common, but four-bedroom properties lead on earnings with $40,128 per year and a $417 ADR, rewarding hosts who cater to larger groups.

ADR jumped 22% year-over-year, while occupancy held nearly steady at -1% and listings edged up 2%. These trends suggest strong pricing power and a stable operator base, even as overall occupancy trails the US median. Yucca Valley’s appeal to off-peak travelers and its role as a desert winter destination underpin these dynamics.

Who it fits. Buyers seeking a winter-heavy, steady-return market with moderate home prices and extended booking windows.

Regulation: Short-term rental rules vary by city, county, and HOA. Verify current requirements for the specific property before buying.

4. Traverse City, MI: Summer surge, winter opportunity

Pricing is central to Traverse City’s appeal. Its $258 average daily rate sits above the US median and supports a robust 9.5% gross yield, ranking in the 60th percentile nationwide. Summer momentum is especially strong. August occupancy reaches 71% with a $317 ADR, and summer alone generates 33% of annual revenue.

Winter months are quieter, with March occupancy dropping to 9%, yet the market still posts an annual revenue of $42,587. Off-peak travelers and local events help sustain bookings even in the coldest stretch.

Recent figures show a softening trend. July 2026 occupancy fell 10% year-over-year and ADR dropped 6%, signaling slower demand growth. The payback period, at about 11.2 years on active-operator revenue, means investors should underwrite with care and seek properties that can command top rates in high season.

The supply mix offers openings. Two-bedroom homes dominate, but five-bedrooms earn the most at $61,541 annually. Larger homes can outperform in peak months. Traverse City’s analytics page provides further revenue breakdowns by property size and season.

Who it fits. Investors looking for strong summer upside and stable winter bookings, combined with moderate-to-high entry prices.

Regulation: Short-term rental rules vary by city, county, and HOA. Verify current requirements for the specific property before buying.

5. Santa Fe, NM: High ADR, premium entry, four-season appeal

Santa Fe closes out the top five with a 7.8% gross yield and the highest median home value on this list at $587,554. Occupancy peaks at 72% in August and dips to 31% in January. ADR has surged 26% year-over-year to $263. Despite an 18% decline in occupancy and a 55% jump in listings, the market still delivers a median annual revenue of $45,791 and an active-operator benchmark of $43,737.

One-bedroom homes are most common, but five-bedroom properties top earnings at $74,305 per year. The payback period is about 13.4 years for active operators. Santa Fe sits in the 39th percentile for yield among US markets, but its mix of cultural tourism and winter sports keeps bookings steady across all seasons. Explore the analytics page for more on ADR and occupancy by season.

Who it fits. Buyers seeking a premium market with high ADR and year-round cultural and outdoor demand.

Regulation: Short-term rental rules vary by city, county, and HOA. Verify current requirements for the specific property before buying.

Why the big-name ski towns don’t make this list

Big-name ski destinations like Aspen, Vail, and Park City are missing from the top-yielding markets for a simple reason. Price. When home values climb, gross yield falls, even with robust nightly rates. These trophy markets attract buyers chasing appreciation or a second-home lifestyle, not those seeking cash returns. The five markets above offer something different, genuine winter demand at prices that leave space for cash flow. Yield-focused investors should look beyond the marquee names.

How to read these rankings before you buy

Gross yield is a useful first screen, showing the link between home price and potential annual Airbnb revenue. It doesn’t factor in expenses, regulation, or the swings of seasonal demand.

The headline revenue figure averages all listings, but the active-operator benchmark is what serious buyers should underwrite against. It reflects what full-time, committed hosts actually earn. Always confirm local rules and check property-level performance before buying. The best market for you will depend on your risk tolerance, financing, and operational capacity throughout the year.

To dig deeper into these markets, connect with an agent who specializes in short-term rentals. For methodology details and data sources, see our methodology page. The right market and property depend on your goals, capital, and appetite for seasonality. Start your search with a local expert who understands the regulations and the real numbers.