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 Calabria is 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 to this article. My Dolce Casa grants you permission to use the research, quotes, and visuals used in this article with proper credit.
