Phelps WI Market Analysis

Phelps is a rural community of about 1,285 people with a median age of 60. Most residents earn between $50,000 and $75,000 and have a high school diploma or some college education.

The median home value is $339,000 — on par with Vilas County but higher than surrounding counties. A large share of homes are seasonal, which makes the vacancy rate look higher than it actually is, and new home construction has been down significantly since 2010.

The Town acquired a 5.5-acre former hospital site in a prominent location east of Highway 17 overlooking North Twin Lake. At the time of the study the site hosted a blighted building; the community was awarded a WEDC grant to demolish it and open the site up for redevelopment.

Market research classifies Phelps as a 'Rural Resort Dwellers' segment — blue-collar, near-retirement residents passionate about hobbies like freshwater fishing and hunting, largely in owner-occupied single-family homes with some mobile homes, and a strong second-home market.

Market data pointed to an opportunity for restaurants, grocery, hardware, recreation/sporting goods, and a hotel — uses stakeholders backed, while explicitly ruling out a gas station, dollar store, or rental housing.

Recommendations for the site included market-rate, owner-occupied condominiums and townhomes, plus a retail component featuring grocery, hardware, and home goods, and a potential hotel.

The combined development's total potential new value ranges from $10,000,000 to $52,000,000.