The States Where Engagement Rings Cost the Most: Michigan Ranks Sixth

Photo by Kimberly Fowler on Unsplash

• Michigan residents need 1.62 monthly salaries to afford an average engagement ring, making it the sixth most expensive state relative to income.
• Kansas, Louisiana and Kentucky complete the top three, requiring 3.8, 1.73 and 1.69 monthly salaries respectively.
• Utah and Maine residents spend the least on rings relative to income, needing only 0.6 monthly salaries to purchase an average engagement ring.

New research has identified the states where residents need to save the most monthly salaries to afford an engagement ring.

The study, conducted by True Sanity, a transparent luxury jeweler, analysed average engagement ring costs against average monthly salaries across the United States to determine where rings take the biggest bite out of locals’ earnings.

Michigan’s findings

Michigan holds sixth place in the ranking. The average engagement ring costs $8,535, while residents earn an average monthly salary of $5,270.83. This results in a requirement of 1.62 months of income to afford a ring. Michigan’s ratio places it just behind South Carolina in terms of affordability.

Top 10 states where engagement rings cost the most monthly salaries

Kansas residents face the steepest challenge, needing to set aside 3.8 monthly salaries to purchase an average engagement ring costing $8,947. This results from the state’s relatively low average annual salary of $28,230, which translates to just $2,352.50 per month, the lowest monthly income in the country.

Louisiana ranks second, with residents needing 1.73 monthly salaries to afford an average engagement ring costing $7,959. While the ring price is lower than in Kansas, the lower average monthly salary of $4,594.17 still makes it a significant purchase for locals.

Kentucky comes in third place, requiring 1.69 monthly salaries to purchase an average ring costing $7,918. The state’s average monthly salary stands at $4,692.50, making engagement rings a substantial investment for residents.

Florida secured fourth position in the ranking, with locals needing 1.68 monthly salaries to afford an average ring priced at $8,809. Despite having a higher average monthly income of $5,249.17 compared to the top three states, the higher ring cost maintains Florida’s position near the top of the list.

South Carolina ranked fifth, with residents needing 1.66 monthly salaries to purchase a ring averaging $7,874. The state’s average monthly salary of $4,749.17 places it firmly among the states where engagement rings represent a significant financial commitment.

Texas, Tennessee and Ohio rounded out the top ten, requiring 1.52, 1.51 and 1.5 monthly salaries respectively. Despite varying ring costs and average salaries, all three states demonstrate similar affordability ratios for engagement rings.

Washington and California, despite having some of the highest average ring costs at $10,109 and $9,482 respectively, ranked outside the top ten due to their higher average monthly salaries of $6,795.83 and $6,658.33.

10 states where engagement rings cost the fewest monthly salaries

At the opposite end of the scale, Utah and Maine tied for the most affordable states for engagement rings, with residents in both states needing just 0.6 monthly salaries to afford an average ring.

In Utah, the average engagement ring costs $3,184 with residents earning an average of $5,330 monthly, making rings significantly more affordable compared to states at the top of the list.

Maine matched Utah’s affordability ratio, with rings also priced at an average of $3,184 against a slightly lower average monthly salary of $5,313.33.

South Dakota ranked third from the bottom, requiring 0.65 monthly salaries for an average ring costing $3,005 – the lowest average ring cost nationwide. With an average monthly salary of $4,623.33, engagement rings represent a smaller financial burden for South Dakota residents.

Connecticut ranked fourth from the bottom, with residents needing 0.67 monthly salaries to afford an average ring of $4,261. The state’s relatively high average monthly salary of $6,337.50 contributes significantly to this affordability.

Delaware followed, requiring 0.73 monthly salaries for an average ring costing $4,106, supported by a monthly average salary of $5,636.67.

Indiana ranked sixth from the bottom, with residents needing 0.85 monthly salaries for a ring costing $4,181, while Oregon followed with 0.88 monthly salaries required for a ring priced at $5,126.

Vermont, Rhode Island and the District of Columbia completed the bottom ten, requiring 0.89, 0.90 and 0.94 monthly salaries respectively. Notably, while the District of Columbia had the highest average ring cost among the bottom ten at $8,545, its high average monthly salary of $9,118.33, the highest nationwide, kept it among the most affordable areas.

Amit Jhalani, Founder at True Sanity, commented on the findings, “These data highlight significant regional differences in engagement ring affordability across the United States. The traditional guideline of spending two to three months’ salary on an engagement ring clearly varies greatly in practice.

What’s particularly striking is that Kansas residents face a much steeper challenge than those in higher-income states like Connecticut or the District of Columbia. This shows that while ring prices vary somewhat by location, they don’t necessarily align with local income levels.

For those planning to propose, these figures serve as a reminder that there’s no universal rule for how much to spend. The right ring is one that feels meaningful without causing financial strain, regardless of what conventional wisdom might suggest.”

Sources:

World Population Review

Methodology:

1. Average annual salaries were sourced from World Population Review and divided by 12 to calculate the average monthly salary.
2. The average engagement ring cost was then divided by the monthly salary to determine how many months of income would be required to purchase a ring.
3. States were ranked from highest to lowest based on the number of months’ salary needed.

Note: Colorado’s average monthly salary wasn’t available therefore it has been removed from the study.

Full rankings of all states by monthly salaries needed to afford an engagement ring: