Liebman has worked her way up Corcoran Group’s ranks since joining as an agent in 1984 at just 23 years old. During that time, she has witnessed major crashes and numerous market shifts. And she says it was just as hard getting that first home now as it was 30 years ago. That’s in New York City, at least.

“It is just as tough,” Liebman exclusively tells Fortune. “Back then, it was more difficult in some ways because you had less neighborhoods that people would live [in].

“If you think back to the ’80s, the Meatpacking District wasn’t this highly desirable district,” Liebman explains. “All these areas in Brooklyn that are number one on people’s list, they weren’t there. So you were sort of getting jammed into these few neighborhoods: Upper East Side, Upper West Side, maybe a little bit of Chelsea, and Flatiron—I don’t even think we called it Flatiron back then. Tribeca was just coming around. So everyone was squished in the same places.”

Liebman adds, “Today you have a lot more options, so many more places to go. But it’s always really hard to find those great rentals, or to find those first starter apartments.”

Plus, she says, never has there been more opportunity at young people’s fingertips—not just when it comes to inventory on the market: “If you’re not afraid to show off your skill set, and you try and find yourself an opportunity where you’re going to be appreciated and where people are going to allow you to expand your horizons and hopefully add value to the company that you’re at, I think it’s an unbelievable time.”

The tide is changing as interest rates come down

Interest rates are coming down (albeit slowly). And that isn’t just music to the ears of borrowers: Liebman adds that as brokers, they’re unhappy too when everything is high-priced.

“We like to see lots of movement and people moving around,” she says.

And she predicts lower rates will trigger a shift in the property market. “What I think will happen is we’ll get a lot more property on the market as these interest rates go down, and the people who are locked into their homes because they won’t trade a 3% mortgage for a 7% mortgage, so that’ll provide more inventory,” she adds. 

But it won’t necessarily make getting on the property ladder any easier for young people. 

“The flip side of that is all these people who have been waiting to get lower mortgage rates, they are going to jump right in as well,” she adds. “So it’s not on the horizon for what I see, for prices to start coming down anytime soon. But hopefully, with the carrying charges of the mortgage rates being less, that we can see some affordability squeeze back into these markets.

“The good news,” Liebman says, is that “there are a lot of different places to live,” so those who aren’t set on one specific area could unlock a deal. For example, instead of looking at Brooklyn or the cool West Village, try the Upper East Side.

“It’s not that expensive,” she adds. “So if you’re willing to move around, which people are now, I think that there are definitely opportunities out there…You’re going to secure a much, much less expensive apartment than if you are insistent on being in the West Village.”

Saving advice for Gen Z and millennials locked out of the property market

Liebman’s advice for young people on saving up for that first home? “Stop buying Starbucks coffee. I mean, stop spending money on things that are not necessary. It’s tremendous how fast that little nest egg can add up,” she says.

“If you look at people who are taking an Uber instead of the subway, they’re buying their coffee; they’re buying their breakfast out; they’re spending money on things that are not necessary. They’re going out with their friends three nights a week, spending money on alcohol, food…These things start adding up. The subway is definitely cheaper than an Uber.”

One money-saving trend Liebman’s witnessed among young people—and approves of—is dinner clubs.

“Three nights a week, they’ll go to someone’s house, and they’re in charge of the cooking. Young people now seemingly like to cook. I haven’t cooked in 30 years, but they love it.” 

Twentysomethings strapped for cash have long lived together in shared apartments, and Liebman says the right of passage is as important today as it was for millennials and Gen Xers. Even the billionaire entrepreneur and investor Mark Cuban started out with five roommates in a three-bedroom apartment.

But to actually save money, she says young people shouldn’t stress about having the perfect apartment, in the perfect location.

“A year or two goes by relatively quickly, quickly, and then, as you keep saving you can trade into something that better suits you,” Liebman adds. “But nothing’s perfect when it starts off.

“I always say to people, even somebody who works with us who’s willing to spend $40 million, they’re compromising also—it almost doesn’t matter what you spend. Unless you’re going to build your own giant compound, everyone’s going to sacrifice somewhere.”

A version of this story originally published on Fortune.com on Oct. 22, 2025.

Read more about generational wealth from Fortune’s Orianna Rosa Royle:

• Gen Z want to live in expensive cities—instead of moving to the outskirts, their parents are paying their rent
• Gen Z are so annoyed that they can’t get on the housing market that they’re ‘doom spending’ on nice things that make them feel like grown-ups
• As Gen Z blows rent on Taylor Swift tickets, they say they feel ‘judged’ and blame schools for not teaching them how to budget
• 70% of Gen Z are so anxious about money that they can’t sleep—they’re dealing with it by bed rotting and watching TV instead of budgeting
• As Gen Z and millennials regret ‘worthless’ degrees, this CEO sent her kid to college in London—and she’s saving over $50K a year.