Cost of Living in Italy
Many American expats cannot resist the Mediterranean lifestyle and climate, stunning landscapes, unique culture and history, and low cost of living in Italy. Life in La Bella Italia can be as much as 40% cheaper than in the United States, so it’s not surprising that you're considering making a new life for yourself in this vibrant country.
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The Currency in Italy
The euro (€) has been the currency in Italy since it replaced the Lira in 2002. You will see the euro displayed with its official currency code of EUR at Moneycorp. Administered and managed by the European Central Bank, the euro is the world’s second most-traded currency after the U.S. Dollar. $1 is worth €0.91 as of 11.00 AM on June 21, 2023.
Where to Live in Italy
Where you choose to live in Italy depends on your reason for moving to the country and the lifestyle you want to enjoy. Approximately one-fifth of expats live in the Lombardy region, with some of the most popular cities being Milan, Brescia, and Bergamo. Others have chosen to live in the Lazio region, especially in and around Rome, while yet others have moved to Tuscany and its cities of Florence and Siena. Some expats have headed south to Campania and the city of Naples.
How Much Does Accommodation Cost in Italy?
The cost of living in Italy is generally much lower than in the United States. For example, living expenses such as housing, transportation, food, and everyday necessities are relatively more affordable in Italy than in America.
The 2022 Mercer Cost of Living Survey provides insights into the affordability of cities worldwide. According to the survey, Milan ranks 48th on the list of the most expensive cities to live in, while Rome follows closely at 57th place.
How Much Does it Cost to Rent an Apartment in Rome?
Monthly rent for 1 bedroom apartment (city centre) | Monthly rent for 1 bedroom apartment (outside centre) | Monthly rent for 3 bedroom apartment (city centre) |
|---|---|---|
$1,186.18 (€1,077.86) | $763.11 (€693.42) | $2,339.44 (€2,125.81) |
Monthly rent for 3 bedroom apartment (outside centre) | Price per square meter to buy apartment (city centre) | Price per square meter to buy apartment (outside centre) |
|---|---|---|
$1,432.36 (€1,301.56) | $759.49 (€690.13) | $352.55 (€320.36) |
How Much Does it Cost to Rent an Apartment in Naples?
Monthly rent for 1 bedroom apartment (city centre) | Monthly rent for 1 bedroom apartment (outside centre) | Monthly rent for 3 bedroom apartment (city centre) |
|---|---|---|
$706.86 (€642.31) | $429.19 (€390.00) | $1,334.35 (€1,212.50) |
Monthly rent for 3 bedroom apartment (outside centre) | Price per square meter to buy apartment (city centre) | Price per square meter to buy apartment (outside centre) |
|---|---|---|
$852.88 (€775.00) | $416.26 (€378.24) | $200.39 (€182.09) |
How Much Does it Cost to Rent an Apartment in Milan?
Monthly rent for 1 bedroom apartment (city centre) | Monthly rent for 1 bedroom apartment (outside centre) | Monthly rent for 3 bedroom apartment (city centre) |
|---|---|---|
$1,444.40 (€1,312.50) | $987.52 (€897.34) | $3,005.89 (€2,731.40) |
Monthly rent for 3 bedroom apartment (outside centre) | Price per square meter to buy apartment (city centre) | Price per square meter to buy apartment (outside centre) |
|---|---|---|
$1,896.95 (€1,723.72) | $923.77 (€839.42) | $484.14 (€439.93) |
How Much Does Transport Cost in Italy?
Italy has a well-connected and well-maintained public transport system and road network. While cars and petrol are priced similarly to what you would pay in the US, public transport is much cheaper, which can help to keep the cost of living in Italy low. Public transport options include buses, trains, trams, metro systems, and ferries. Metred taxis and ride sharing services are also available.
Single bus ticket | Monthly public transport ticket | Gasoline (1 gallon) |
|---|---|---|
$1.64 (€1.50) | $38.34 (€35.00) | $8.00 (€7.31) |
Taxi (1 mile) | Volkswagen Golf | Toyota Corolla |
|---|---|---|
$2.29 (€2.09) | $27,398.42 (€25,000.00) | $28,510.97 (€26,015.61) |
The Cost of Living in Italy for International Students
The cost of living in Italy for international students can be relatively steep, with the biggest expense being tuition. Tuition fees at public universities in Italy range from $550 to $4,400 per year, depending on the university and the degree program. Tuition fees at private universities in Italy range from $3,300 to $38,400 per year.
You should look at budgeting between $800 to $1,200 per month for your other living costs, including accommodation, food, public transport, and entertainment/leisure. This amount can be higher, depending on the location of your university.
For example, the average monthly living expenses for students in Florence range between $770 to $1,500. Because of this, you should budget between $330 to $660 per month for accommodation and between $200 to $300 per month for utilities.
What Is the Cost of Living in Italy Compared to the US?
While accommodation and public transport in Italy are cheaper than in the United States, you may find that you pay the same price or slightly more than you would in the UK for food, groceries, and various goods and services. The table below offers a good idea of the cost of living in Italy vs the US.
Milk (1 gallon) | Bread (loaf) | Eggs (dozen) |
|---|---|---|
$3.90 (€4.78) | $3.21 (€1.58) | $4.51 (€3.01) |
Water (1.5 litre bottle) | Chicken Breast (1kg) | Regular Cappuccino |
|---|---|---|
$2.12 (€0.43) | $5.43 (€4.32) | $4.75 (€1.51) |
Pre-K/Kindergarten (monthly) | Primary School (yearly) | Fast food combo meal |
|---|---|---|
$1,193.47 (€459.87) | $16,903.41 (€9,753.37) | $10.00 (€8.50) |
Pub Beer (500ml) | Cinema ticket | Gym membership (monthly) |
|---|---|---|
$6.00 (€5.00) | $12.50 (€9.00) | $42.09 (€46.70) |
Sign up for a Personal Account
It’s important to be able to send money to Italy conveniently, securely, and at competitive rates, whether you’re moving to the country for studies, work, or your retirement. Sign up for a Moneycorp personal account and not only make this possible, but also take advantage of our other products and services.
(All figures taken from Numbeo.com and exchange rates calculated on 22nd June 2023.)
