Is he putting it off?

So my bf keep saying he wants to propose but wants to wait until he can buy a really nice ring like 5,000. Don’t get me wrong I appreciate the fact but also in the medical field soon and will be wearing a rubber one anyways and besides that I didn’t really feel it was the ring but the person. We have a child together and I’ve just kept wondering when he’s going to pop the big question. The odds of us having the 5,000 to spend is rare considering when I pass boards I’m buying a house. I also said he could finance one and he said no that’s not how he does it he buys things out right. Do you think he is trying to put it off by making the ring that much? Or is he just that picky and materialistic about it?