Subject: Re: Dont rent a place today!!!!!
Was showing a group of younger adults a bit about interest rates. They all live in apartments and were saying at least they didn't have to worry about interest rates. They just paid rent!

I pointed out that their landlords have mortgages and that the way it works is...you make the tenant pay. They assumed the landlord just absorbed any extra cost. Nope, I said: they pass it down to the renter(s). The other option is to sell the apartment building to a condo developer if they can't stay afloat on the mortgage payments for it.

It's astonishing how little financial literacy there is around here.