Buying your first home is exciting, but it can also be stressful — especially in Colorado.

Why? It all comes down to the money.

Last year, research revealed that Colorado is the No. 2 state where homebuyers need co-signers to purchase a home. In March, Zillow data showed that housing prices in the Centennial State have increased by 50% in the last half-decade.

READ: Colorado Home Prices Have Skyrocketed in the Last Half-Decade

Unfortunately, the real estate market isn't looking up. A new report from Moneywise recently revealed the best and worst places for first-time homebuyers in the U.S. — and Colorado is the fourth worst.

The website determined this by looking at each state's median home prices on Zillow and the average down payment percentage of 13% from the National Association of Realtors.

According to Moneywise, the median home price in Colorado is a hefty $559,838, and the average down payment percentage of 13% is $72,778.94.

So, how does this compare to other states?

Homebuying in Colorado is cheaper than in Washington, California, or Hawaii — the latter of which has a median home price of $848,926 and an average down payment of $110,360.38.

LOOK: How Much It Cost to Buy a Home in Colorado in the 1950s

However, the data for the Centennial State is dismal when looking at the best state for homebuyers: West Virginia. It has a median home price of $129,103 and an average down payment of $16,783.39.

Moneywise's advice for first-time homebuyers? You might want to look outside of Colorado.

"Armed with the knowledge of these findings, first-time homebuyers 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," said a spokesperson for the website.

Thankfully, not all of Colorado is expensive. Check out the most affordable places to live in the Centennial State in the gallery below.

LOOK: The 10 Most Affordable Places To Live In Colorado

People often choose to move to a particular area in order to live a certain way.

Colorado is unique in that, residents here have the ability to live different kinds of lifestyles (depending on what part of the state you choose to reside) - from small-town to big-city living, you can make up almost any life you desire here... but can you afford it?

Keep scrolling to find out where the most affordable places to live in Colorado in 2022 are, according to HomeSnacks:

Your Next Move Should Be to One of These 15 Affordable States

More From Townsquare Fort Collins