However, how much you decide to spend on an engagement ring is still a very personal choice. This guide is designed to help you make an informed decision by providing a national average of wedding ring costs and reviewing influencing factors.
Engagement women's rings Budget to create a unique and beautiful ring
Wedding budgets, including the cost of an engagement ring, vary depending on your financial situation and expectations.
To get a better idea of how much Americans are willing to pay for engagement women's rings, we should take a look at some relevant statistics.
How much does the average American spend on an engagement ring?
According to Brides America Wedding Research, which conducts the annual survey, couples will spend an average of $3,756 on engagement and wedding women's rings in 2020, down from an average of $7,829 in 2018 and $6,150 in 2016.
A separate survey conducted by The Knot Wedding and Bridal Jewelry shows that the national average price for an engagement ring in 2020 is more likely to be around $5,500.
Here are some other key numbers for the average cost of the perfect ring in 2020.
Twenty percent of couples spend less than $2,000.
Thirty percent of couples spend between $2,000 and $5,000.
Ten percent of couples spend more than $10,000.
About half of Americans spend less than the average on an engagement ring.
Men spend an average of $2,000 - $3,000 more than women on engagement women's rings.
Young adults aged 18-24 spend about $1,600 on an engagement ring, while older adults aged 55-64 spend about $3,400.
85% of the women's rings are diamond engagement rings.
Note that the average cost of an engagement ring varies greatly between states in the United States.
The old "wage rule" myth
Have you heard that you should save up for an engagement ring based on your salary? There are many false myths circulating about how much you should spend on engagement and wedding rings.
The two-month wage rule has been around for more than 40 years, and De Beers created it to get men hooked on diamond engagement rings. It states that you should spend two months of your net income before taxes on an engagement ring.
The three-month wage rule is the same concept as the three-month net wage, rather than two months.
The annual salary rule is a little different, suggesting that you should spend around 1-4% of your annual salary on an engagement ring.
Note that these compensation rules no longer apply in today's world; Your salary is not the full picture of your financial situation.
Engagement ring Price calculator
Several online calculators will help you decide the cost of an engagement ring based on different factors, including:
Your salary and employment status.
Your existing debt.
Your ring budget.
The way you live.
You like simple or luxurious women's rings, high-end or affordable rings.
An engagement ring calculator can help you begin to determine the budget range you are willing to spend on an engagement ring.
Factors that affect the cost of engagement and wedding rings
The cost of an engagement ring may vary depending on the following factors:
Engagement ring gems of choice
Most engagement and wedding women's rings feature diamonds, which are usually the most expensive gemstones. You can also consider other engagement ring stones that can make a huge difference in price.
Some popular alternatives to diamonds are:
Colored gemstones: sapphire, ruby, emerald.
Diamond simulation: Moissanite
Lab-grown diamonds.
The price of an engagement ring also varies depending on whether you choose to use only one center stone, multiple side stones, or a closely set engagement ring that uses many small stones.
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