We have limited counter space but the toaster, along with the espresso maker and coffee grinder, have a permanent spot, as they are all used daily.

Ours is on the counter. We have one smaller counter space beside the fridge where we keep the espresso machine, toaster, and soda stream. They all stay out all the time but then the other counter areas are mostly clear.

I keep them in a cabinet because it's used maybe 2x per year?

We keep it on the counter but I was just thinking recently how I would like less STUFF on my counters. My MIL puts hers in a cabinet and just takes it out and puts it back as needed, and I think she actually uses it several time a week. She doesn't have a lot of clutter, until we come and put all the things on her counters. I'm sure she is happy when we leave.

Coffee maker and toaster oven are on the counter, because we use them daily.