Key Takeaways:
- For the median U.S. home price, in Italy you can buy a home up to 2.75 times larger than in the U.S.
- You can get the most space for $450K in Southern cities, where you could buy a stunning villa with a pool as large as 5,500 sqft
- The most expensive large city in Italy is Milan, where an average 2,000 sqft home can cost close to $900,000
- In Venice, the third priciest Italian city, you can buy a home around 1,100 sqft in size for $450K
- In Tuscany, the most desirable region in Italy, the median price will buy you a charming farmhouse of around 2,000 sqft
More and more Americans are exploring the idea of buying real estate in Europe, thanks to the U.S. Dollar soaring compared to the Euro and home prices in the United States becoming more unaffordable than ever. Italy is one of the top favorite home buying destinations in Europe for American expats, with the interest in buying real estate and moving to Italy as strong as ever. Besides the charm that the Italian lifestyle lends it, buying a house in Italy is attractive for practical reasons, as well, having seen modest annual gains compared to U.S. real estate, of only 1.3% versus 17% in the United States in the past year.
But how much does it cost to buy a house in Italy compared to the U.S.? We explore whether Italy is a good location for Americans to buy a home abroad by looking at what you could buy in Italy’s top 50 largest cities and in each of its 20 regions for the same amount that you would spend on a median home in the U.S., to find out what Italian cities and regions offer the most living space for your money.
In July 2022, the median list price of a home in the U.S. was $449,000, according to Realtor.com research, while the median list price per square foot was $227. In other words, for roughly $450,000 you get about 2,000 square feet of living space in the United States. By comparison, for the same amount in Italy you are able to afford more than 2,000 square feet — often more than double — in 40 out of 50 largest Italian cities, or 80% of locations, according to our analysis of idealista.it data, an Italian real estate listings portal.
The most affordable cities to buy a home in Italy
Reggio Calabria, Calabria: $82 per sqft
Dreaming of living in a beautiful Italian villa near the beach? Reggio Calabriais the most affordable large city to buy a home in Italy. Located in the far Southern region of Calabria, in the toe of the boot, on a beautiful white sand coastline, Reggio Calabria homes go for an average price per square foot of only $82, about a third of the median price in the U.S. This gets you on average a large villa 5,500 square feet in size, which is 2.75 times larger than the median U.S. home.
Image courtesy of Sotheby’s International Realty, villa with pool in San Lorenzo, Reggio Calabria, $430,000
Taranto, Puglia: $85 per sqft
Taranto, in the Puglia region, is the second most affordable city in Italy for home buyers, confirming the well-known fact that Southern Italy is typically more affordable to live in than the North. In Taranto you could purchase no less than 5,323 square feet of living space for $450K. Other popular cities in Puglia among American expats are Lecce, Salento and Brindisi.
Image courtesy of Sotheby’s International Realty, 8,600 sqft palazzo in Salento, Puglia region, $680,000
Terni, Umbria: $92 per sqft
For a Tuscan-like lifestyle, you can choose the third city on the list, Terni, in the region of Umbria, the more affordable version of Tuscany, but just as pretty. Here, $450,000 will buy you a home as large as 4,900 square feet.
Image courtesy of Sotheby’s International Realty, countryside villa in Montefalco, Umbria, $450,000
Here’s what you can buy in Italy’s top 50 largest cities for $450,000:
To find out how large a home you can buy in Italy for the median U.S. home price, we analyzed July 2022 average home price data from real estate portal idealista.it. We took the reported prices per square meter in Euros and converted them to price per square foot in U.S. Dollars, assuming Dollar to Euro parity. We then divided $450K by the price per square foot, to find out the total square footage you can buy for the fixed amount of $450,000. For a lower budget, you can proportionally calculate the size of the home you could afford using the same formula.
The most expensive cities to buy a home in Italy
Milan, Lombardy: $448 per sqft
At the expensive end of the list sits Milan, the most urban-looking city in Italy and the fashion capital of the world, located in Lombardy, Northern Italy. The ideal location for a more sophisticated, urban lifestyle or for working professionals, Milan real estate goes for $448 per square foot. $450,000 will get you around 1,000 square feet of living space in Milan, which is the equivalent of an apartment.
Image courtesy of Idealista.it, new two-bedroom apartment in Milan, Lombardy $957,600
Bolzano-Bozen, Trentino - South Tyrol: $416 per sqft
Picturesque Bolzano-Bozen, located in the Italian Alps close to the Austrian border, has the second most expensive real estate in Italy, at $416 per square foot. The median U.S. home price buys you about 1,081 square feet of home space here.
Image courtesy of Engel & Volkers, two-bedroom apartment with panoramic view of the Italian Alps, $890,000
Venice, Veneto: $408 per sqft
The third most expensive city to buy a home in Italy is Venice, where homes sell for $408 per square foot, followed by Florence, where real estate is priced at $372 per square foot, on average. Rome, the largest city and capital of Italy, surprisingly is not among the top 5 most expensive. Rome takes the sixth place for the least space you can buy: about 1,600 square feet for $450,000.
Image courtesy of Mansion Global International, two-bedroom apartment in Venice, $1,031,578
Cost to buy a house in Italy by region
Although not exactly a bargain destination, Italy is a very attractive location for Americans to move abroad that still offers a lot of value for the money. While real estate in major cities may not be fit for every budget, the majority of expats and retirees tend to prefer quiet small towns and rural areas, where they can enjoy a slower pace of life and be closer to nature. The good news is, in those types of locations you can find some real bargains. For those researching real estate in Italy's countryside, we analyzed home prices at a regional level, which are more reflective of what you can buy in a rural area or smaller town.
Our analysis shows that in 80% of the regions you'll be able to afford a larger home than in the United States. Even Tuscany, Italy's most desirable region for expats, has an average price per square foot slightly below the median price in the U.S., at $218. You could buy a 2,066 square foot villa for $450,000, on average. The neighboring region of Umbria offers twice as much value for the money.
The most affordable region to buy a home in Italy is Molise in the south, while the most expensive region for homebuying in Italy is Trentino - South Tyrol, up north.
20. Trentino-South Tyrol: $246 per sqft
19. Aosta Valley: $239 per sqft
18. Liguria: $230 per sqft
17. Tuscany: $218 per sqft
16. Lazio: $202 per sqft
15. Lombardy: $190 per sqft
14. Emilia-Romagna: $163 per sqft
13. Campania: $154 per sqft
12. Veneto: $153 per sqft
11. Sardinia: $144 per sqft
10. Marche: $139 per sqft
9. Friuli-Venezia Giulia: $126 per sqft
8. Piedmont: $116 per sqft
7. Puglia: $111 per sqft
6. Abruzzo: $110 per sqft
5. Basilicata: $108 per sqft
4. Umbria: $101 per sqft
3. Sicily: $96 per sqft
2. Calabria: $85 per sqft
1. Molise: $81 per sqft
Methodology:
The analysis and rankings presented in this report were compiled by My Dolce Casa, a research blog about moving, living and retiring abroad, based on July 2022 data from the following sources:
- U.S. home prices: Realtor.com and Federal Reserve Bank of St. Louis
- Italy home prices: Idealista.it
- Population data: Wikipedia.org
My Dolce Casa's research team analyzed July 2022 average home price data from real estate portal idealista.it by city and by region. The prices per square meter in Euros were converted to prices per square foot in U.S. Dollars, assuming Dollar to Euro parity.
The home square footage you can buy in Italy for the median U.S. home price was calculated by dividing $450,000 by the price per square foot in each location. Some numbers have been rounded for simplicity.
When citing this research, please credit My Dolce Casa with a do follow backlink tothis article. My Dolce Casa grants you permission to use the research, quotes, and visuals used in this article with proper credit.
FAQs
Are houses in Italy expensive? ›
Living in Italy is significantly less expensive than living in the U.S. The simplest reason is that housing and health insurance costs are much lower. But it doesn't stop there.
How much is a normal house in Italy? ›Property prices in Italy as of 2018 hover between 1,780 and 1,898 euro per square metre (m2), which is equal to between 165 and 176 euro per square foot (sq ft).
Can a foreigner buy a house in Italy? ›There are no restrictions for foreigners who want to buy properties in Italy. However, the Italian authorities have the power of making some verifications of criminal records and other aspects.
Is Italy cheap to buy property? ›Because properties in Italy are so cheap, many people can afford to buy outright. Aside from the legal bureaucracy that comes with buying a home abroad (legal fees can be up to €3,000), there's very little to hold the deal up – if you have a good agent who speaks English, or a translator, that is.
Is it cheap for an American to live in Italy? ›Is it expensive to live in Italy? Italy is one of the cheapest countries to live in. In fact, Italy is the 4th cheapest country in Western Europe.
Can I stay in Italy if I buy a house? ›Buying property in Italy does not give owners the right to permesso di soggiorno, an Italian permit to stay. However, owning property can strengthen your application for an Italian elective residency visa if you prove you have stable and sufficient funds to support your stay without employment.
Is it smart to buy property in Italy? ›“Italy is a really good place to invest in. There's effectively no capital gains tax after five years and inheritance tax is very low,” he said.
Are houses cheaper Spain or Italy? ›Buying a house in Italy: costs
Buying a house in Italy as an American may be cheaper than choosing a property in Spain, Portugal or another European country — but you'll still need a budget. Here's the lowdown.
Latest data on Wages (EUR/ Month)
Average Wages in Italy increased to 2475 EUR/ Month (2656.577 USD/Month) in 2021. The maximum rate of average wage for employees was 2502 EUR/ Month and minimum was 1176 EUR/ Month. Data published Yearly by Organisation for Economic Co-Operation and Development.
U.S. citizens may enter Italy for up to 90 days for tourist or business purposes without a visa. All non-residents are required to complete a declaration of presence (dichiarazione di presenza).
Has anyone bought a $1 house in Italy? ›
Over the last few years, several Italian towns have gone viral for offering up homes for just €1 (which amounts to a little more than $1 U.S.). The idea actually arose back in 2008, when the mayor of a town in southern Sicily first tried it.
How long can I stay in Italy if I own a house there? ›Visa-free travel to the EU and Schengen Area.
Investors and their family members with residence permits in Italy may visit the Schengen countries without a visa and stay up to 90 days out of 180 days.
Abruzzo. Compared to Tuscany and Umbria, Abruzzo is the cheapest region to buy a property in Italy. There are numerous property options, from beachside apartments to inland farmhouses and historic palazzi. Abruzzo's inland countryside is full of picturesque towns and ancient Roman ruins.
What town in Italy is offering homes for $1? ›The small Italian town of Maenza, just outside Rome, is selling around 100 homes for little more than $1. The only thing they want in return? A promise that they'll be renovated within three years.
Can a US citizen move to Italy? ›Living in Italy as a US citizen is possible if you have the right permit. There are 2 types of residence permits in Italy: 1. Permesso di Soggiorno: a temporary, renewable residence permit with varying durations of validity.
What is Italy's minimum wage? ›Italy has no minimum wage but protects workers through collective agreements.
Can a US citizen live permanently in Italy? ›There are two avenues to permanent residency for those of us not of Italian descent. The first is a visa, obtained through the Italian consulate assigned to your area. The second is the Italian Investment Program.
Is it better to rent or own in Italy? ›Buying or renting depends on future plans
Another key point when choosing to rent or buy is your personal and professional plans. Are you planning to move? Does your job require you to change cities often? If the answer is yes, renting is the best option; buying a house, on the other hand, is a long-term commitment.
Property registration tax and VAT in Italy
The taxes for the purchase of a property include the payment of a registration tax of 9% of the cadastral value of the property, i.e. the monetary value the authorities give each property (plus a cadastral tax and a mortgage tax, both of 50 euros each).
If you overstay 90 days in the EU, you risk deportation. Countries can legally imprison you, deport you, or give you a limited number of days to leave. That said, deportation is rarely enforced for a visitor who isn't attempting to work illegally or claim benefits.
Are property taxes high in Italy? ›
This tax is between 2% and 9% of the cadastral value of the house. However it will never be less than 1000€ regardless of the value of the property. If you are buying from a private person you do not pay any VAT.
Is Portugal or Italy cheaper? ›Portugal is cheaper than Italy, particularly when it comes to eating out. Overall, Portugal is a cheaper place to buy and rent property, however some parts of Portugal (like Lisbon) are above average in terms of cost.
What is the average price of a house in Rome Italy? ›As of September 2022, buying a residential property in Rome cost on average 3,310 euros per square meter. The average price per square meter for residential properties in Rome decreased steadily from December 2016, when it registered a value of 3,490 euros to March 2020, when it registered a value of 3,172 euros.
Is Italy cheap to move to? ›Italy is more affordable than the US. The average cost of living is around 6% lower than in the US. In contrast, the average rent in Italy is 51% lower than in the States.
Is quality of life better in Spain or Italy? ›Well, the last table «Quality of Life Comparison Between Spain and Italy» showed that the quality of life in Spain by many similar parameters is higher than in Italy.
Is it hard to sell property in Italy? ›The Italian legal process for selling property is complex and can be protracted. Property transactions involve high stakes, an experienced property solicitor can guide you safely through the process.
Does Italy have free healthcare? ›Italy Healthcare System
The national health service in Italy, Servizio Sanitario Nazionale (SSN), provides residents with free or low-cost healthcare that includes access to general practitioners (GPs), treatment at public hospitals, subsidised medicines, lab services, ambulance services and certain specialist care.
| TAXABLE INCOME (per bracket) 2022 | RATE (per bracket) 2022 |
|---|---|
| up to EUR 15 000 | 23% |
| from EUR 15 001 to EUR 28 000 | 25% |
| from EUR 28 001 to EUR 50 000 | 35% |
| above EUR 50 001 | 43% |
- Manual workers.
- Drivers.
- Marketing professionals.
- Engineers.
- Waiters.
Lazio is the most popular region
Lazio, which includes Italy's capital Rome, is home to some 2,800 Americans, making it the most popular region among US nationals.
Can a retired US citizen move to Italy? ›
Those who want to retire to Italy can obtain long-term residence visas which enable them to live there for more than 90 days, however, just like an ordinary residence permit, this visa has a validity of 5 years. If the visa holders decide to remain here, the permit can be renewed.
Can I move to Italy without a job? ›Italy makes it possible for people who can sustain themselves financially without working to move to Italy through the Elective Residence visa.
Can an American buy a house in Italy and live there? ›In conclusion, if you are a non-EU citizen and you purchase a property in Italy, you can stay in Italy for a limited period of time unless you hold a special visa that allows you to apply for a temporary residency permit and thus stay in the country for a longer period of time.
Why is Italy selling houses for $1? ›Having a second home in Italy means paying taxes, so selling these unused houses off cheaply can be more lucrative than keeping them. That's why around 25 Italian municipalities are making prospective homeowners an offer they can't refuse - a house for the symbolic price of €1.
How much does it cost to renovate a 1 house in Italy? ›1 euro houses in Italy FAQs
People frequently ask: "How much does it cost to renovate a 1 euro house?" To renovate a house bought for 1 euro requires at least 20,000 euro per house, taking into account the guarantee, the costs of professionals and renovation work.
You have to apply for a residence permit for Italy regardless of the reason you want to live there, like work or study. Permesso di Soggiorno translates to “permission to stay”, because it is the document that you need to obtain in order to be allowed to stay in Italy long-term.
What is the tax on the golden visa in Italy? ›0.2% tax applies to the value of foreign financial assets. 0.76% tax applies to the value of a foreign real estate.
What is the 183 day rule in Italy? ›According to Article 2 of the Italian Tax Code, an individual is considered an Italian resident for tax purposes if, for the greater part of the fiscal year (i.e. for more than 183 days): the individual is registered in the Records of the Italian Resident Population (Anagrafe)
What is the least expensive town in Italy? ›Cheapest cities in Italy: Padova, Palermo, and Bari. The healthcare system is widely available and affordable. Groceries and eating out could be as low as $300/month. Italy is just beautiful even though there is some bureaucracy.
What is affordable in Italy? ›Compared to the US and the rest of Europe, several items are cheaper in Italy. These items include alcohol, tobacco, coffee, leather goods, bottled water, certain clothing items, and local wines. Many Italian food items are cheaper, including cheese, olive oil, bread, pasta, and pizza.
Which Italian town is paying $25000 to anyone willing to move there? ›
Like many sleepy communities across Italy, Presicce is grappling with a surplus of abandoned homes because people are moving away from the area. Homes up for grabs typically cost around $25,000, though they may require renovations.
Is housing cheaper in Italy than the US? ›Living in Italy is significantly less expensive than living in the U.S. The simplest reason is that housing and health insurance costs are much lower. But it doesn't stop there.
Which Italian city is paying $30,000 to move there? ›Presicce-Acquarica has been struggling with a declining population and abandoned homes. To help lure new homeowners, the town has promised grants to people who buy a house and register as residents of the town. Here's what you need to know if you're interested in purchasing property in this pretty town.
Where in Italy are Americans moving to? ›Rome, Florence, and Milan are all popular cities for Americans moving to Italy, so there's no shortage of options. Just be sure to budget accordingly – living in major Italian cities can be significantly more expensive than living in small towns.
How much money do you need to live comfortably in Italy? ›So how much does it cost to live in Italy? To answer this question, let's take a quick look at the average basic living expenses in Italy per month. Based on this, we can say that the average cost of living in Italy per month is around €1,600 (US$1,730).
Is Italy friendly to foreigners? ›Many foreigners consider Italians as cheerful, kind, helpful and friendly people. In most cases, it's true.
Can you live in Italy as an American? ›Living in Italy as an American
Living in Italy as a US citizen is possible if you have the right permit. There are 2 types of residence permits in Italy: 1. Permesso di Soggiorno: a temporary, renewable residence permit with varying durations of validity.
Average Wages in Italy increased to 2475 EUR/ Month (2645.333 USD/Month) in 2021. The maximum rate of average wage for employees was 2502 EUR/ Month and minimum was 1176 EUR/ Month.
How to move to Italy from USA? ›- Uniform Schengen Visa (Short-term stay) ...
- Employment Visa. ...
- Self-employed Visa. ...
- Student Visa. ...
- Elective Visa. ...
- Investor Visa. ...
- Dual Citizenship Jure Sanguinis. ...
- Various Government Initiatives (€1 euro houses, towns paying you to move there, explained)
Do US expats living in Italy also have to file US taxes? Yes. All US citizens and permanent residents who meet the minimum income reporting requirements must file a tax return, even if they don't live in the country.
What jobs pay the most in Italy? ›
- Surgeons. If you are a practicing surgeon, migrating to Italy and continuing your profession is a great option. ...
- Lawyers. ...
- Bank managers. ...
- Marketing directors. ...
- University professors. ...
- English teachers. ...
- University teaching assistants. ...
- Italian language teacher.
Italy has always been a country that favours a good work-life balance. From north to south, time with family is central to the values of most Italians and this is reflected in the working hours of most jobs. The maximum working week is set at 40 hours and overtime must not exceed 48.
How much is rent in Italy? ›The average rent price in Italy is 800 EUR (880 USD) a month. However, this is just the average—you will find rental prices to range from 490 to 1,550 EUR (540 to 1,700 USD). Below is a table with monthly rental prices by region, from most expensive to least expensive.
Do you tip in Italy? ›First off, tipping in Italy is neither mandatory nor expected, but if you do decide to do so, the gesture is a very clear indicator that you appreciated the service provided.