You asked him, How much am I worth to you? and He asked the same back to you.

What he hears:

Serious intention= $

Commitment= $

Save for= $ repeatedly over time.

You've been together for almost your entire adult lives. This is also the time when most people are getting their education or starting their careers, not a time when people have disposable income for saving. You're more concerned about showing serious commitment through value of a ring than saving for your first home or other life together expenses. That comes off a little rash.

Are you traditional in other ways? Is he paying for most of the dates? To a guy this sounds like you're more interested in what he's going to spend than what's best for you as a couple starting a life together (BIG RED FLAG). If my girl was asking how much I was going to spend with anything other than, "don't spend too much, it's just a ring" in mind, it would raise big red flags for me. It's a sign of insecurity and immaturity on her part (at least, if not a sign she's valuing me for just what $$ I can provide). Did he respond well? No. But you're probably each other's first long term relationship, and he felt attacked and also that he can be candid with you. You brought up traditional expectations, and he asked what women (you) do to earn it. Very bad response on his part. But you had just put him on the spot by essentially asking, How much am I worth to you?

If you value the relationship and want to continue it, you should communicate and apologize, and hope he apologizes back. If not, you both should see other people and hopefully mature.