In-depth analysis

Should you buy an STR in Mammoth Lakes in 2026?

Yes, if you stay in the right zoning district. Mammoth Lakes has a long-standing STR program that splits properties into two camps: condo-hotel and resort-zoned units (permits readily available, often required to be in an HOA-managed rental pool) versus single-family residential (SFR) where new STR permits are extremely limited. ADR is $288 and occupancy is 56% — winter ski peak and a strong July-September hiking season carry the year. Market score: 84/100.

Regulation: where the city stands

The Town of Mammoth Lakes STR ordinance distinguishes:

Resort / Commercial Lodging zones — STR-by-right; most condo-hotels here; rental-pool HOAs handle compliance.
Residential zones — limited STR; effectively closed to new non-owner-occupied operations; owner-occupied home-shares allowed.

Add Mono County rules for any property outside town limits (Crowley Lake, June Lake — separate ordinance). Combined transient occupancy tax runs roughly 13% (TOT + tourism business improvement district + state sales tax components). California layers Mello-Roos special assessments on many newer condo developments — pull the parcel tax bill, not just the assessor’s land tax. Fire-insurance hardening from the California FAIR Plan applies in the surrounding forest interface; quote insurance before offer.

The market by the numbers

Metric	Mammoth Lakes	Comparison
Avg ADR	$288	Top California ski market
Occupancy	56%	Bimodal ski + summer
RevPAR	$161	Strong RevPAR
Market score	84/100	One of CA’s best ski plays

Two seasons drive about 75% of revenue: December-March ski and July-September summer. April-May and October-November shoulders are deep.

Submarkets that matter

The Village at Mammoth — ski-in/ski-out condo-hotel, rental-pool managed, lowest operator workload.
Canyon Lodge / Eagle Lodge base — Resort-zoned condo near lifts, strong winter ADR.
Old Mammoth Road corridor — mixed residential and lodging zones, parcel-by-parcel STR eligibility check required.
Sierra Star / Snowcreek — golf-course condos; better summer absorption but harder ski-shuttle logistics.

The 3 mistakes buyers make here

Buying a SFR thinking new STR permits are obtainable. Residential STR is effectively closed to new non-owner-occupied entrants.
Underwriting Mello-Roos as a small line item. It can add several thousand dollars per year on top of the base property tax.
Skipping fire-insurance quoting. WUI fire-zone properties have seen carriers exit; FAIR Plan plus a wrap can run 3-4x a normal HO-6.

What to do next

Pull the Town of Mammoth Lakes STR program and check zoning on the parcel.
Get a fire-insurance quote in writing before offer.
Run Market Score and Comp Analyzer within zoning class.
Use Year 1 Cash Needs with shoulder-season reserves.

Not investment advice. Verify all regulatory and tax information with local authorities and licensed professionals before committing capital.