The average engagement ring costs over $5,000 and the average wedding ring costs close to $1,000. The average engagement ring costs over $5,000 — more than most Americans have in their savings accounts. And that’s not the end of ring expenses: The average wedding ring costs close to $1,000.
How much should you spend on a wedding ring?
Washington spends the most on engagement rings with an average of $10,109, while California comes in second at $9,482.
Average Cost of Engagement Ring by State.
|State||Average Engagement Ring Cost|
How much do Millennials spend on engagement rings?
Today, many women often earn more than men, while couples are often saddled with student loans and other debts. This may be why the majority of Gen Z-ers and millennials think spending somewhere between $100 and $2,500 is appropriate.
How many carats should an engagement ring be?
In the United States, for example, the national average for an engagement ring is around one carat. In the United Kingdom, it’s 0.6 carats, and in Europe it’s even smaller, hovering at 0.5 carats.
Is $10 K too much for an engagement ring?
$10,000 is quite a generous budget for an engagement ring. It’s certainly much more than the median amount spent on an engagement ring, which, according to the NY Times, is generally less than $3,000. … In short, you’ll have no problems affording a beautiful, elegant engagement ring with a $10,000 budget.