Here's The Average Engagement Ring Cost in 2024, According to Real Couples

Raise your hand if you've ever searched for engagement rings online. Now, keep it raised if the one you must have costs, oh, around $20,000. (Just me?) While that four-carat marquise diamond with a peek-a-boo halo comes at a higher price tag, knowing the average engagement ring cost can help set realistic expectations, especially for those with stricter budgets. So, whether you're planning, dreaming or just snooping, we've got the scoop on how much people are shelling out for the sparklers, state by state.

Don't give up hope on that dream engagement ring for your partner (or yourself). Along with the latest stats on the average engagement ring cost by state, we'll cut through the biggest myths about diamond pricing *and* give you clarity on how to set a budget and find a ring that doesn't skimp on style.

At a glance:

• The average cost of an engagement ring nationwide is $5,500.
• You can disregard the "three-month salary" rule. An engagement ring budget is a highly personal decision; think about your long-term financial goals and expenses to set a savings plan that works for you.
• Lab-grown and moissanite diamonds are increasing in popularity, in part, because they can maximize your ring budget without neglecting style or sparkle.

In this article:

• Average Engagement Ring Cost in the US
• How Much Should You Spend on an Engagement Ring?
• Dos and Don'ts of Setting Your Engagement Ring Budget
• How to Choose the Right Engagement Ring For Your Budget

Average Engagement Ring Cost in the US

If anything is certain, it's that diamonds remain a serious investment. According to The Knot's 2023 Real Weddings Study, the average cost of an engagement ring is $5,500. According to The Knot's annual Jewelry and Engagement Study, the average engagement ring price was $6,000 in 2021 and fell to $5,800 in 2022.

Now, before you look at the average and panic—or conversely think, "That's it?"—keep in mind that what each couple actually spends can vary quite a bit. The Knot's 2023 Jewelry and Engagement Study found that roughly a third of all respondents are spending between $1,000 to $4,000 and nine percent are even spending less than $1,000 on an engagement ring.

And just because we know you're curious: 16% of respondents said they'll spend more than $10,000 on an engagement ring, with six percent of that even saying their budget is over $15,000. (So, if that $20,000 Pinterest engagement ring also caught your eye, you're not entirely out of touch!)

FEATURED VIDEO FROM THE KNOT

Average Engagement Ring Cost by State

Design: Tiana Crispino,Data: The Knot 2023 Real Wedding Study

While the national average of $5,500 is a good reference point, it's valuable to consider regional spending on engagement rings too. For instance, couples in Mid-Atlantic states—Delaware, Maryland, New Jersey, New York, Pennsylvania and the District of Columbia—average approximately $6,900 on their engagement rings. Virginia and West Virginia, also part of the Mid-Atlantic region, have a slightly lower average at $5,300. Even still, this is $400 more than the Midwest average which is the lowest in the survey. States like Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota and Wisconsin reported an average spending of $4,900 on engagement rings.

You can find how much an engagement ring costs on average in your own state in the graphic above; However, please note that there is no data available for Hawaii or Alaska.

How Much Should You Spend on an Engagement Ring?

We can't reiterate this point enough: The average cost of an engagement ring—and how much you choose to spend on an engagement ring—are different. Shannon Delany-Ron, CMO for online diamond retailer James Allen, encourages every person looking to purchase an engagement ring to develop a personal budget first. "This will guide all of your decisions going forward, and it's important to have a handle on how much you're looking to spend," Delany-Ron says. "From there, we recommend thinking about priorities. Are you looking for a high-quality diamond? Are you willing to sacrifice a bit on quality to make it a larger diamond? Are you planning for a simple band that will be cheaper or something with a lot of smaller diamonds that will take more of your budget?"

In keeping with this advice, here are some important factors you'll want to consider as you determine how much to spend on an engagement ring:

• Assess Your Financial Situation: When considering how much to spend on an engagement ring, first assess your financial situation. Our study found that one in three proposers who buy new rings will incur some kind of debt, whether it be through credit cards, loans or borrowing from friends or family. Before committing to a ring (and its price), consider your current monthly expenses and whether you can comfortably add another bill without compromising your financial stability.
• Save for the Ring: One in four respondents used savings, including funds from long-term investments, to pay for their engagement rings. Remember, there's no need to rush into a purchase the moment you decide you want to get married. Our survey revealed that 58% of proposers begin researching rings three to six months in advance, with two-thirds making their purchase less than two months before the proposal. This highlights the importance of building up your funds and carefully weighing your ring options before making a significant purchase.
• Know Your Partner's Expectations: Your partner's ring preferences should be a significant factor when determining how much their engagement ring should cost. Ultimately, your goal is to choose a ring they'll love. Have an open conversation about their style preferences, going beyond just diamond shape and metal color to ask if they're open to lab-grown diamonds or moissanite. You could also go ring shopping together to help them find something they love in the display case and on their finger. And don't worry—just because your partner is involved in picking the ring, doesn't mean the proposal won't be a surprise. According to our survey, nearly four in five individuals being proposed to had some involvement in selecting or purchasing the ring, yet most still reported that the proposal itself was a surprise.
• Personalize the Ring: Haven't you heard that bigger isn't always better? A ring that speaks to your partner's personality, values and lifestyle can hold more significance than simply choosing the largest diamond. For some, even, a brand-new ring might not be the most meaningful option—they may prefer an heirloom piece passed down through the family or a vintage with history. Your partner might also value a colored gemstone over a diamond, wanting to use your birthstones to create a one-of-a-kind engagement ring. Ultimately, think about what would make the ring special to them, because it's their uniqueness that makes you love them in the first place.
• Consider a Starter Ring: Consider opting for a temporary engagement ring while you save up for the real deal or design your dream ring as a couple. Believe it or not, the concept of the "starter ring" is on the rise. Temporary engagement rings are typically less expensive than traditional engagement rings, as they're often made with diamond alternatives. The stand-in ring route could also save you money in the long run, as you'll know without a doubt your partner will love the sparkler you design together.

Dos and Don'ts of Setting Your Engagement Ring Budget

Saving up for an engagement ring doesn't have to be overwhelming. With some basic guidelines, you can find the perfect ring within your budget whether that's $1,000 or $100,000. (Can you even imagine the size of that marquise?!) Here's what to consider—and what to avoid—while figuring out what to spend on your sparkler.

Do ignore the three-month salary rule.

What's the deal with the three-month salary rule? This outdated etiquette tip dates back to The Great Depression when diamond sales plummeted during the financial crisis. In response, De Beers launched an admittedly genius ad campaign, stating that diamond engagement rings (which actually were not the norm at the time) were a symbol of true love and buyers should spend one month of their salary to prove their heart. Over time, the idea increased to three months' salary, but here's the truth: it's just marketing! Don't let this myth dictate your budget—spend what feels right for you and your financial situation.

Don't take engagement ring calculators too seriously.

While engagement ring calculators can give you a ballpark estimate based on your income, lifestyle and debt, they're not the end-all-be-all. Ultimately, deciding what to spend on an engagement ring is a personal choice only you can make. There's no magic number, and the "right ring" is the one that fits both your taste and your budget. And remember, you can always upgrade later if that feels right for you.

Do consider your financial situation and goals.

It's easy to get swept up in the romance of a jaw-dropping ring, but keeping your long-term financial goals in mind is key. If you're, you know, planning a wedding or buying a house or paying off student loans, let those priorities guide your decision. Your upper spending limit should be determined by your income and long-term financial goals. The bottom line: Be practical, not emotional, with this big purchase.

Don't assume that an antique ring will be cheaper.

Antique engagement rings can be stunning and unique, but don't assume because they're old and used that they'll come at a discount. In fact, rare vintage pieces are often valued higher than modern rings with similar stones. Why? Well, the older a ring becomes, the fewer pieces particular to that period or style will (likely) survive and, thus, the remaining few will appreciate in value. While estate jewelry can sometimes be a steal, a one-of-kind antique might end up costing you more than a brand-new design.

Do take advantage of big holiday sales.

It's a stroke of luck that the holiday season doubles as both engagement season and sale season. Between Black Friday and Cyber Week, you can find some serious discounts on your dream ring—and if you miss that, there's always Valentine's Day sales to shop. Pro tip: Buy the ring at least two months before you plan to propose, so you have plenty of time for production and delivery. In addition, work with a trusted retailer and jeweler that leans into quality, sans sales.

How to Choose the Right Engagement Ring For Your Budget

Think you have to compromise on style to stick to your engagement ring budget? Think again! Here are some clever tips and tricks we bet you didn't know to help you find a ring you love without breaking the bank.

Buy shy.

Did you know the price of a diamond increases significantly at every quarter carat after reaching a carat? For instance, a 1.8-carat diamond will cost significantly less than a 2-carat diamond, even though the size difference isn't discernible to the naked eye. This is because of the rarity of finding or producing diamonds in specific whole carat weights. As such, "buying shy" can save you a lot of money without compromising appearance.

Consider the 4C's.

When shopping for a diamond, it's essential to understand the 4Cs: cut, color, clarity and carat. These are the standards by which diamonds are graded and, thus, priced. Prioritizing certain Cs over others can save you money. For example, cut is usually the most important, as it affects the diamond's symmetry and sparkle—so it's worth spending a bit more on a well-cut stone. Color, on the other hand, is where you can be flexible. White diamonds are graded D through Z based on the presence of color. Earlier in the alphabet—D, E and F—are considered colorless and have a greater value. Anything below that will have a slightly yellow tint. However, hints of color are difficult to detect with an untrained eye, especially in yellow gold settings. This allows you to save without losing the "wow" factor.

Explore alternative stones.

Want a larger stone but working with a smaller budget? Consider nontraditional options. Natural diamonds will come at a higher cost, with a one-carat stone ranging anywhere from $2,000 to $16,000 depending on its 4 Cs. On the other hand, lab-grown diamonds, one of a 2024 engagement ring trend, can cost 50% to 70% less. Moissanite, another lab-created stone that mimics the brilliance of a diamond, can be even less. So, if you want a larger stone, but are working with a smaller budget, consider nontraditional options. You could even shop colored gems like sapphires, morganite and emeralds which are usually less expensive than diamonds, but just as stunning.

Think about metal.

The metal you choose for your ring setting can also impact the price. For instance, platinum and white gold look nearly identical, but platinum is rarer (it's mined much less frequently) and stronger (it's extremely durable and scratch-resistant) and thus costs significantly more. That said, you should keep the longevity of your ring in mind; White gold is simply yellow gold plated in rhodium and may need to be replated over time. So, while opting for a cheaper metal can save you money upfront, you should factor long-term maintenance into the price.

Compare prices.

As with any major purchase, it pays to shop around. Before committing to a ring, take time to compare prices and browse similar styles online. Shopping online gives you access to a wide range of retailers and price points. Not sure where to start? We've got a comprehensive list of our favorite wedding ring retailers for every budget right here.

Shelley Brown and Sarah Hanlon contributed to the reporting of this article.