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    Vacation Rental Income Assists Some Local Residents with High Cost of Living in Cook County

    Cook County, Illinois, residents can help accommodate the high cost of living by supplementing their income with vacation rentals. Resident Plamen Dimitrov and his wife decided to rent their first home near the Lutsen Mountains ski resort as a short-term rental property; its net income is about $8,000, and includes any money left over after mortgage, taxes, upgrades, and cleaning costs are factored in. With debate raging on tightly regulating short-term rentals to presumably ease a housing shortage, Dimitrov contends that vacation rentals are not to blame for the shortfall in Cook County. Others disagree with this view—a survey of nearly 600 people arranged by county officials found more than 60 percent of respondents held either a somewhat unfavorable or a very unfavorable opinion about vacation rentals, compared to about 34 percent having a favorable opinion. "In my opinion, the positive impact of the vacation rentals goes beyond the undeniable financial impact," Dimitrov said. "For my family it has made it possible to remain in Cook County and call this beautiful part of the world home."

    WTIP (08/03/22) Joe Friedrichs

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