Young Americans say engagement rings should be cheaper

According to a new survey on marriage and money, two-thirds of young Americans say that an engagement ring should cost less than $2,500, while the average cost of a wedding ring nationwide is $5,680.

Eighty-five percent of Gen Z women say think an engagement ring should cost less than $2,500, compared to just 71 percent of millennial women. 

A well-known “rule” states that a wedding ring should cost three months of the buyer’s salary, but for most young Americans, that kind of expense is impossible. 

In a February online poll conducted by the New York Times, the typical American spent just two weeks’ pay on an engagement ring, with buyers spending an average of roughly 4% of their income on the ring, with the median payment coming out to $1,900.