Thermopolis, WY

  • Overview
  • Performance
  • Listings
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Key Performance Metrics

Market snapshot

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

Listings

53 / 94

Reliable / Active

Cap Rate

11%

Middle-Earners Gross Yield

Revenue

$23,211

Middle-Earners Revenue

Occupancy

55%

Middle-Earners Occupancy

Home Value

$210,671

Median Home Sale Price

Top Earners

$49,079

Top-Earners Revenue

Thermopolis

Market Revenue Seasonality

Top Listings

Highest revenue

The highest-performing listings in Thermopolis.

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B

Generally Investor friendly

Thermopolis Regulations

STRs are explicitly allowed in Thermopolis with no specific local ordinances restricting them, eliminating complex permitting processes and caps that burden investors. The compliance requirements are standard business registrations (sales tax, business license) and general safety codes rather than STR-specific regulations. The 8% total tax burden and standard zoning compliance represent manageable overhead without deterring investment.

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About Thermopolis

Thermopolis is a small town in Hot Springs County in north-central Wyoming, home to a population of roughly 2,900 residents. The name comes from the Greek for "hot city," a reference to the mineral hot springs that flow through the area and have shaped its identity for more than a century. Its character is decidedly Old West, with wide streets, locally owned restaurants, and a relaxed pace that reflects its role as a small tourist hub rather than a commercial center. The town serves as the principal gateway to the Wind River Canyon, the southern Bighorn Mountains, and Boysen Reservoir, and it sits about 150 miles south of Billings, Montana, the nearest major city.

The town's defining feature is Hot Springs State Park, a sprawling green space of travertine terraces, walking paths, and public bath houses fed by the world's largest mineral hot spring. Located right on the edge of town, the park offers free soaking facilities, picnic areas, and frequent glimpses of the resident bison herd, all within a few minutes' drive of almost any short-term rental in Thermopolis. The combination of therapeutic mineral water and easy accessibility makes it a year-round draw for visitors.

Just north of town, the Wind River Canyon cuts a dramatic gorge through the Owl Creek Mountains between Thermopolis and Boysen Reservoir. The highway through the canyon is one of the most scenic drives in the state, with sheer rock walls, fishing access points along the Bighorn River, and pullouts that make it easy to stretch a short visit into a half-day adventure. The canyon is roughly a ten- to fifteen-minute drive from downtown Thermopolis.

A short drive further north brings visitors to Boysen State Park, where the reservoir is popular for boating, walleye and trout fishing, and lakeside camping under wide Wyoming skies. Closer to town, the Wyoming Dinosaur Center draws visitors interested in paleontology, displaying one of the largest collections of dinosaur fossils in the region and offering dig-site tours during the warmer months. Together, the springs, canyon, reservoir, and surrounding public lands give the area a mix of wellness tourism and outdoor recreation that draws a steady, varied stream of travelers.

For short-term rental owners, Thermopolis offers a compelling combination of small-town operating costs, a built-in tourist identity centered on the hot springs, and easy day-trip access to some of Wyoming's most striking natural scenery. Guests who book a stay here can soak in mineral water in the morning, drive a scenic canyon in the afternoon, and fish or boat at a major reservoir by evening, all without the crowds or price points of Wyoming's better-known resort destinations.

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