The average cost of an engagement ring varies depending on several factors, including location, income, and personal preferences. However, most surveys of engagement ring buyers tend to produce an average in the $5,000 to $7,500+ range. According to The Knot 2022 Jewelry and Engagement Study, the national average cost of an engagement ring is currently about $6,000. However, this is influenced by a multitude of factors, including region. For example, couples in the Mid-Atlantic spent the most on engagement rings (around $8,400), whereas Midwestern dwellers spent the least (around $5,200) . Its important to note that the spend per couple varies, and roughly one-third of all respondents are spending between $1,000 to $4,000 on their engagement ring. Additionally, 8% of ring shoppers are spending under $1,000. Ultimately, the amount spent on an engagement ring is a personal decision that should be based on individual circumstances and preferences.