People on average spend more than $6K on engagement ring, study shows

(WXYZ) - Finding the perfect rock could make your wallet hit rock bottom.

According to a new study from The Knot, people spend an average of $6,351 on an engagement ring before the big proposal.

That's reportedly up from $5,095 in 2011. 

People also look at an average of 26 rings before making the final decision, according to the study. 

The Knot 2017 Jewelry & Engagement Study also revealed that the average carat size for the total ring is 1.8 carats and the most preferred cut is round, with 52 percent of the vote. 

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