The amount you should spend on an engagement ring varies widely and depends on personal financial circumstances, regional differences, and individual preferences rather than a fixed rule.
Common Spending Guidelines and Averages
- Traditional rules like spending two or three months' salary on an engagement ring are well-known but increasingly considered outdated and not practical for many. For example, the "two-month salary rule" was actually created by a diamond marketing campaign in the 1980s and is not a cultural tradition
- The average cost of an engagement ring in the U.S. in 2025 is around $6,500, but this varies by state and income. For instance, in higher-cost states like Washington and California, average spending can exceed $9,000 to $10,000, while in other states it may be closer to $4,000 to $6,000
- Many couples spend between $1,000 and $8,000, with about a third spending between $1,000 and $4,000, and some spending under $1,000. Millennials often prioritize other expenses over the ring and may spend less than traditional rules suggest
Factors to Consider When Setting Your Budget
- Your current and expected future income and financial obligations (debts, savings, other expenses)
- The cost of the wedding, honeymoon, and other financial goals
- Your partner’s preferences regarding ring style and significance of price
- Regional price variations and market conditions
- Avoid going into debt just to meet an arbitrary spending target; the ring should reflect your love and financial comfort
Practical Advice
- Choose a budget that feels meaningful and comfortable for you personally rather than following a fixed formula.
- Consider buying a "placeholder" ring and then selecting the final ring together with your partner to ensure it fits their taste and your budget
- The average diamond size in the U.S. is about 1.1 carats, but quality factors like cut, clarity, and color greatly affect price, so focus on overall value rather than just carat weight
In summary, while the average U.S. engagement ring cost in 2025 is roughly $6,500, the best approach is to set a budget based on your financial situation and your partner’s preferences rather than adhering strictly to traditional spending "rules"
