Butternut, WI

  • Overview
  • Performance
  • Listings
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Key Performance Metrics

Market snapshot

Performance indicators for the Butternut short-term rental market based on reliable data.

Listings

17 / 31

Reliable / Active

Cap Rate

10%

Middle-Earners Gross Yield

Revenue

$22,765

Middle-Earners Revenue

Occupancy

50%

Middle-Earners Occupancy

Home Value

$228,100

Median Home Sale Price

Top Earners

$43,328

Top-Earners Revenue

Butternut

Market Revenue Seasonality

Top Listings

Highest revenue

The highest-performing listings in Butternut.

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B

Generally Investor friendly

Butternut Regulations

Butternut has no specific STR regulations, which creates legal uncertainty but also means no restrictive caps or onerous permitting. The absence of specific rules makes STRs technically permissible under general zoning and business regulations, requiring standard county/state registrations and safety compliance rather than complex local processes. While investors face some uncertainty about future policy changes, the regulatory environment is manageable and not deterring for most operators.

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About Butternut

Butternut is a tiny village tucked into the wooded hills of Ashland County in northern Wisconsin, with a population of roughly 375 residents. It carries the unhurried character of a traditional Northwoods community, where clapboard storefronts, quiet residential streets, and a backdrop of evergreen forest define everyday life. The village functions primarily as a jumping-off point for visitors exploring the surrounding Chequamegon-Nicolet National Forest, one of the largest stretches of protected woodland in the upper Midwest. It sits about 100 miles southeast of Duluth, Minnesota, the nearest major metropolitan center, and roughly 20 miles south of Ashland, the county seat along Lake Superior's Chequamegon Bay.

The dominant draw of the area is the surrounding national forest itself, which spreads across more than 1.5 million acres of northern Wisconsin. From Butternut, travelers can reach countless trailheads, trout streams, and small glacial lakes within minutes, making the village a practical base for hiking, fishing, hunting, snowmobiling, and cross-country skiing depending on the season. Fall color drives through the hardwood ridges and the Penokee Hills are a particular favorite, and the forest's network of forest roads and the North Country National Scenic Trail pass through the region for those interested in longer excursions.

To the north, the Lake Superior shoreline at Ashland and the broader South Shore area offer a completely different scene, with rocky beaches, lighthouses, and views across the world's largest freshwater lake by surface area. The city of Ashland, about a half-hour drive from Butternut, provides a more developed set of restaurants, shops, and marina attractions, and serves as a gateway to the Apostle Islands National Lakeshore, where sea caves and historic lighthouses draw visitors by boat and kayak in the warmer months.

To the southwest, the larger resort community of Hayward lies roughly an hour away and is widely known for its musky fishing, the National Fresh Water Fishing Hall of Fame, and the Lac Courte Oreilles chain of lakes. Hayward's downtown and its annual events add a livelier counterpoint to the quiet pace of Butternut, giving visitors a reason to combine a stay in the smaller village with day trips in either direction.

For short-term rental investors and guests alike, Butternut's appeal lies in this combination of small-town quiet and easy access to some of Wisconsin's most celebrated outdoor landscapes. Guests who choose a stay here can wake up in a peaceful Northwoods setting, spend the day on forest trails or Lake Superior's shoreline, and return to a simple, unpretentious base that feels genuinely removed from busier tourist hubs.

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