Before proposing, people wonder how much to spend on an engagement ring. Finances are often a sensitive topic, making it difficult to know how much others spend on engagement rings. We’ve compiled our data from 2016 through July 2019 to determine which cities on average spend the most on engagement rings. This data includes the cost of the diamond and setting.
As they say, everything is bigger in Texas, and that turns out to be true. Dallas spends an average of $12,700 per engagement ring. For comparison, the average engagement ring in the U.S. and Canada (from 2016 through 2019) is $7,692.
Dallas isn’t the only high roller within Texas – Houston spends an average of $8,200 per ring while Austin spends $7,800 per ring.
Nationwide, after Dallas, Boston comes in second for purchasing the most expensive engagement rings. On average, Boston spends $10,600 on engagement rings. Closely following Boston is Charlotte. Residents of Charlotte spend $10,500 on engagement rings.
How Much Should I Spend On An Engagement Ring?
While it’s interesting to see how much others spend on engagement rings, we believe that you should spend whatever you are comfortable with. Ignore the old myth that you should spend three months’ salary on an engagement ring. You can still purchase a beautiful engagement ring without spending tens of thousands of dollars!
Fortunately, there are options available to help you afford an engagement ring. At Ritani, we offer financing options, including interest-free financing for 12 months. You can read more about our financing options here.
Our customer service team is dedicated to helping you find an engagement ring within your budget. They’ll give you valuable tips on how to save money on an engagement ring without ever pressuring you for a sale. To talk with our customer service team, call us at 1-888-9RITANI or chat with us online.
Another way to find an engagement ring within your budget is to try our ring recommender. Just tell us how much you’d like to spend, your preferred diamond shape, and your favorite setting style. We’ll find you the perfect diamond and setting.