Shopping for an engagement ring is an exciting time. You've been thinking about proposing for a long time and you've finally decided to move forward. However, the average cost of an engagement ring can be quite a financial hurdle to overcome.
If you're in the market for an engagement ring you probably have a lot of questions: What is the average cost of an engagement ring? How much should I pay? What type of engagement rings are popular now? How do you tell the difference between one diamond and another? Is it safe to buy an engagement ring online to save money?
The answers to all of these questions are below.
Average Cost Of An Engagement Ring By State
Overall, the average cost of an engagement ring is roughly $6,500. However, the cost of living across the US varies a lot by state.
For example, Utah has the lowest spending on engagement rings at an average cost of $3,518. California's average spending cost of engagement rings is roughly three times higher at $10,241.
If you're trying to come up with a a financially disciplined way to pay for an engagement ring, here is my new rule for engagement ring buying. It's a fu and rational way to engagement ring shop.
Current US Average Spent On Engagement Rings
The current national average cost of an engagement ring is $6,351 for a 1.2 carat center stone diamond ring with a total ring carat count of 1.8. Back in 2011, the average spent on engagement rings was $5,095. That's an increase of 25 percent. Here are some other interesting statistics on engagement rings.
- 70% of grooms decide on the ring budget without input from the bride
- 70% of brides find out how much their engagement ring cost
- 90% of those brides are pleased with the cost, 6% wish their partner spent more and 4% wish their partner spent less
- 29% of grooms end up spending more than planned
- Grooms spend an average of 3.5 Months shopping for an engagement ring
- The average time spent planning a proposal is 4.4 months
If you're trying to decide how much to spend on an engagement ring, there are three traditional ways of determining a budget: 1) the three months gross salary rule, 2) the age rule, and 3) the hotness rule.
The new way to decide how much to spend on an engagement ring is the The Car Rule For Engagement Ring Buying. Read all about the old and new rules for engagement ring buying here.
Most Popular Engagement Rings
Curious what the most popular engagement ring designs are right now? Check out the latest top engagement ring styles and trends to see what's most popular today. There are so many beautiful choices nowadays with that wow factor you’re looking for.
It’s hard to go horribly wrong with a classic solitaire of course. But, it’s fun and worth looking at what's popular now in engagement ring designs if you want to find an impressive ring that will bring tears of joy to your finances eyes, make her proud to wear it every single day, and make a long lasting impression.
After all, you know the first thing everyone (at least your female friends) will say when they find out you’re engaged is, “Congrats! Show me the ring!!”
Here are some interesting statistics on today's most popular engagement rings
- The most popular stone cut is still Round at 52% followed by Cushion cut
- White gold is the most popular setting metal at 61% followed by Platinum, White Gold and Rose Gold
- Grooms looked at an average of 26 rings before making a purchase
- 45% of grooms had their engagement rings either fully customized or partially personalized
- The most important factors for both brides and grooms are 1) cut and shape of the stone, 2) ring style and setting, and 3) quality of the stone
How To Get A Custom Engagement Ring
Customized rings have really grown in popularity. What fiancé wouldn't melt over a ring that was designed just for her? The great news is it's super easy to do and doesn't have to cost a fortune.
If you want to add your own personal touches to one of the most popular engagement ring designs or get a custom ring, I strongly recommend using Blue Nile.
They were the first and still are the largest on-line diamond retailer today. Blue Nile's Build Your Own Ring feature lets you choose from over 300 settings! The average cost of an engagement ring is much cheaper on Blue Nile.
Filter by price, metal, metal karat, band width, designer, material and more. Once you find a setting, select a diamond using convenient filters for price, carat, cut, clarity, color and much more. If you prefer to select a diamond first and then pick a setting it's just as easy to do so.
Being able to browse for engagement rings and compare prices from home or anywhere you have internet access without the pressure of a salesperson staring at you the whole time is super convenient and so much less stressful.
Is It Safe To Buy An Engagement Ring Online?
I know the question you're probably wondering now is whether or not it's safe to buy an engagement ring online. If you use an on-line retailer like Blue Nile, the answer is most definitely yes.
If you're thinking about buying from e-Bay, the answer is no. I don't recommend buying from an individual. You're much better off buying from a trusted on-line retailer that offers returns, exchanges and has reliable customer service.
More and more people are using sites like Blue Nile because there are great benefits. The most popular reasons grooms decide to buy their engagement ring online are:
- Better pricing
- Convenience of browsing online
- Privacy and no sales reps in your face
- Ease of building a custom ring
Here are some of the awesome benefits of buying an engagement ring on BlueNile.com
- Returns are free
- 100% of their diamonds are conflict free
- No sales tax except for addresses in NY, VA and WA
- Diamond price matching
- Free lifetime warranty
- Secure, insured and fast shipping
- Free gift packaging
- Financing and jewelry insurance options
- Live chat for extended hours 7 days a week
- 24/7 phone service & calls are answered in 10 seconds or less
- Commission free service
How To Select The Perfect Engagement Ring
You know your significant other better than anyone. If you haven't dropped any hints that an engagement could be in the near future, and she hasn't given you any hints on what she likes you can still find a ring that she will love. Think about her personal style. Look at the type of jewelry she wears day to day and on special occasions. Ask her best friend or her sister for some suggestions too if you're not sure.
Your safest and best bet is to simply ask the love of your life what type of ring she would love to have. My wife and I casually browsed for rings together many months before I picked out her ring. It was a lot of fun! And I had full confidence when it came time to make the purchase that she would be thrilled with my choice and indeed she was.
For further tips, check out these additional suggestions on buying an engagement ring. The fact that you're taking the time to research the average cost of an engagement ring and are thinking about how much to spend and what type of ring to get already shows you're on your way to finding the perfect engagement ring.
Now it's time to see what's out there and browse the latest and greatest engagement rings. If there's one thing we've learned from the pandemic, it's that tomorrow is not guaranteed. Let's not waste another moment. Instead, let's live life to the fullest!
About the Author
Sam began investing his own money ever since he opened an online brokerage account in 1995. Sam loved investing so much that he decided to make a career out of investing by spending the next 13 years after college working at two of the leading financial service firms in the world. During this time, Sam received his MBA from UC Berkeley with a focus on finance and real estate.
In 2012, Sam was able to retire at the age of 34 largely due to his investments that now generate roughly $200,000 a year in passive income. He spends time playing tennis, hanging out with family, consulting for leading fintech companies and writing online to help others achieve financial freedom.