Today’s first-time homebuyers are not only faced with higher interest rates, but the amount they need for a down payment is making for significant challenges, even right here in the Bay State.

Massachusetts first-time homebuyers have the fifth-highest down payment in the nation, according to a new report from Moneywise.

The personal-finance site ranked all 50 states based on median prices provided by Zillow and the 13% average down-payment percentage according to the National Association of REALTORS.

The average down payment for first-time homebuyers in the Bay State is $72,710.56 with a median home value of $559,312. 

Nationally, the average down payment is $43,870.93. 

For first-time home buyers, the challenge of finding and affording their dream home can feel insurmountable at times, said a Moneywise spokesperson. 

“But with perseverance, knowledge and the right mortgage decision, the path to homeownership can become a reality. Armed with the knowledge from these findings, first-time home buyers can make informed decisions when it comes to choosing a state to buy their first home and work their way towards a brighter financial future.” 

Hawaii had the highest average down payment, with $110,360.38 needed to secure a home in a state with a median home value of $848,926.

California came in second, with an average down payment of $98,904.00, followed by Washington with $77,445.16. Colorado was No. 4 on the list, with an average down payment of $72,778.94.

West Virginia is the best state for first-time homebuyers, according to the report, with the lowest average down payment requirement of $16,783.39 on the state’s $129,103 median home value.