Engagement ring costs in 2025: How much couples are spending by state

LOS ANGELES - You’ve picked the person. Now comes the next big decision: the ring.

Whether you’re on a budget or ready to splurge, deciding how much to spend on an engagement ring can feel overwhelming. A new study from Faithful Platform, a custom engagement ring company, reveals how much couples are actually spending in 2025—and what factors are driving those prices up.

How much do Americans spend on engagement rings?

By the numbers:

According to Faithful Platform, the national average cost of an engagement ring in 2025 is $6,527. But spending varies significantly by state. In some parts of the country, people are shelling out thousands more than the average—and in others, far less.

Top states for average ring spending:

• Washington – $10,109 (12.0% of income)
• California – $9,482 (11.1% of income)
• Illinois – $9,197 (12.4% of income)
• Kansas – $8,947 (13.2% of income)
• New Jersey – $8,842 (10.5% of income)
• Florida – $8,809 (12.5% of income)
• New York – $8,785 (10.2% of income)
• Michigan – $8,535 (13.5% of income)
• Massachusetts – $8,193 (8.7% of income)
• Texas – $8,063 (11.9% of income)

Lowest spending state:

• South Dakota – $3,005

What’s driving the increase in cost?

Big picture view:

Faithful Platform CEO Austin Willard says modern couples are prioritizing personalization, ethical sourcing, and meaningful design over price tag alone. Lab-grown diamonds, moissanite, and non-traditional gemstones are increasingly popular—offering savings and uniqueness.

Britain's Prince Harry stands with his fiancée US actress Meghan Markle as she shows off her engagement ring whilst they pose for a photograph in the Sunken Garden at Kensington Palace in west London on November 27, 2017, following the announcement o (Photo by DANIEL LEAL/AFP via Getty Images)

Expand

At the same time, big-box jewelry retailers are still marking up prices, creating a wide range of spending across states and income levels. Some buyers are sticking to modest budgets, while others spend over 13% of their annual income.

Willard added that the outdated "three-month salary" rule no longer reflects how most people approach ring shopping today. "If that were still the standard, we’d be seeing $17,000–$21,000 rings in some states," he said.

What determines a ring’s price?

The backstory:

Here’s what affects how much you’ll spend:

• Gemstone type – Natural diamonds are still the go-to, but lab-grown and colorful stones are trending
• Metal choice – Platinum is the most expensive; 14k gold offers savings
• Design complexity – Custom settings, pavé bands, and vintage styles drive up labor costs
• Brand – Designer names and in-store retailers usually come with higher markups

How to spend smart—and find the right ring

What you can do:

Faithful Platform recommends focusing on your financial health and your relationship—not the price tag. Their platform offers tools for budgeting, free consultations, and ring customization based on your story, style, and income.

Couples can also look into:

• Lab-grown diamonds for value and sustainability
• Financing or layaway plans to spread out payments
• Personalized advice from jewelers who specialize in ethical sourcing and cost transparency