If you are researching countries in Europe for retirement or to move permanently, there are many options to choose from. Popular destinations like Italy, Spain and France might be the obvious choices, but lesser-known destinations should be considered because they offer a better quality of life that can be attributed to an affordable cost of living, in addition to many other perks: fewer crowds, hospitality and astounding natural beauty.
Italy holds an elite reputation, unique culture, the much-coveted dolce vita… and a cost of living to match. Luckily, Europe is endowed with many countries that offer a similar lifestyle, cultural significance, and natural beauty that can easily compete with what Italy offers.
Here’s how the cost of living in other Southern European retirement destinations for American expats compares to the cost of living in Italy:
Living in Albania
Albania is an underrated destination if you compare it to Italy. However, it is a country that can compete with Italy when it comes to its natural beauty. It has a combination of gorgeous mountain ranges and the coast facing the Adriatic Sea will take your breath away.
Additionally, the people are very welcoming and warm. Some say that when you make a small effort to speak their native language, you will be instantly offered a meal at their table.
The cost of living in Albania is around 50% cheaper than Italy, according to Numbeo. Here are some examples of typical expenses in Albania:
- One-bedroom apartments are $382 cheaper per month in a city center
- A three-course meal for two is around $26 versus $62 in Italy
- A cup of cappuccino is $0.30 cheaper
Photo by Johnny Chen on Unsplash
Living in Montenegro
Montenegro is one of the countries established after Yugoslavia was dissolved, located right across the Adriatic Sea from Southern Italy. While not very well known among Americans, Europeans have been enjoying vacations here for years.
Its beauty lies in the fact that it is not yet overrun by people. However, it is a popular summer destination thanks to its spectacular coastline and to the fact that it is cheaper than Italy, but with a very similar aesthetic.
The biggest draw to living in Montenegro is that it is 42% cheaper compared to Italy, according to Numbeo:
- One-bedroom apartments are only $364 in city centers; in Italy, the average rent is $662
- A three-course meal for two is 50% cheaper
- A domestic beer is only $2 versus $4.50 in Italy
Basically, imagine living in Italy at a discount, but with comparable beauty. Some say, even better.
Photo by Thibaut Marquis on Unsplash
Living in Slovenia
Slovenia is the perfect place for you to retire if you are a person who would still like to be active. Living in Slovenia gives you the chance to cycle through mountain ranges, ski on slopes, and raft through rapids.
Moreover, the cost of living in Slovenia has been estimated to be at least 21% cheaper than living in Italy:
- It is $119 cheaper to rent a single bedroom apartment in a Slovenian city center than in Italy
- On average, Slovenian restaurants charge $39 for a three-course meal for two; Italian ones can charge around $62
- A cup of cappuccino, however, will cost you $0.17 more
Slovenia is small in size, so you might come across well-known caves and lakes, and historic villages a car drive away from where you might be settling in.
Photo by Jason Thomas on Unsplash
Living in Croatia
Known recently as the location of Game of Thrones, Croatia has now solidified its “Pearl of the Adriatic” moniker and has a steadily increasing expat community. Croatia has a plethora of awe-inspiring sights to offer, picture-perfect seaside villages, out of this world natural state parks, and amazing seafood, aside from the fact that the cost of living in Croatia is 28% less than in Italy:
- A single-bedroom apartment is $210 less
- A three-course meal for two individuals is 38%, yet it is just as good with selections of Mediterranean, Balkian, or a combination of both
- Cappuccino cost about the same
Photo by Tom Wheatley on Unsplash
Living in Greece
The oldest democracy in the world, Greece offers a heritage and culture rich and deeply rooted in history as it was once the center of the Western world. Moreover, its beaches and waters are often deservedly compared to the Caribbean, and yet, it is 21% cheaper to live in Greece than it is to live in Italy, based on Numbeo statistics:
- Unlike most of the countries in the list, a cappuccino in Greece is double what you would pay for in Italy
- It is $257 cheaper to rent a one-bedroom apartment in Greece than it is in Italy
- It is also $20 cheaper for two people to eat out in Greece
Living in Greece is like living in both history and myth depending on which Island you decide to settle in – each has a story to tell, and each has a different culture to share.
Photo by Elena Dimaki on Unsplash
Living in Portugal
More and more Americans are considering Portugal the California of Europe with its beautiful beaches and beautiful weather. However, the comparisons are not limited to its natural beauty. Living in Portugal promises the low cost of living that California once had.
That is why Americans who are considering retiring to Europe have been increasingly looking at Portugal. Compared to Italy, the cost of living in Portugal is 28% cheaper. Most expenses are lower in Portugal, except for renting, where the two countries are very similar:
- A meal for two in a restaurant costs half ($34) of what you would spend in Italy
- A domestic beer is $1.80 versus $4.50 in Italy
- Rent for a one-bedroom apartment is very similar to that in Italy
Photo by Mathilde Ro on Unsplash
Living in Spain
Many retirees from the U.S. choose Spain over living in Italy because it is slightly cheaper, and it offers a different lifestyle. Data suggests that the overall cost of living is 17% cheaper in Spain if you include the rent. For instance:
- Eating in a restaurant for two will cost you $17 less compared to living in Italy
- Cappuccino is slightly more expensive
- Rent price of a one-bedroom apartment is also 3% ($61) more expensive
The fact that everything in Spain is slow takes some getting used to. Spaniards work to live and focus more on time for themselves and their family. However, once you adapt to the lifestyle, you might just realize how much you were missing out in life because of the fast-paced demanding life you might have had back in the United States.
Photo by Susan Flynn on Unsplash
Living in France
No other country in Europe gives off an air of prestige that is on par with Italy than France. Great food, world-famous wine and sophisticated culture and fashion are just a few of the reasons France is one of the top destinations for tourism and living abroad for Americans, and why it also boasts one of the highest costs of living.
According to Numbeo, on average, it is 12% more costly to live in France than it is in Italy:
- To rent a one-bedroom apartment is $91 more expensive
- Cappuccino is a dollar more expensive
- Restaurants in France charge 10% less for a three-course meal for two, on average
Living in Malta
The tiny country of Malta is considered a high-end location and it is more expensive than Italy. Malta has recently gathered traction as a go-to destination during the summer with its beautiful architecture and natural beauty. However, the country’s prospect of becoming a destination for expats might be hurt by its higher cost of living.
The two main culprits of why it is 12% more expensive to live in Malta than it is in Italy are dining out and real estate:
- A one-bedroom apartment in the city is $828, about 29% more expensive
- It costs about $60 two people to enjoy a three-course meal in Malta, $6 more than in Italy
- Cappuccino is twice as expensive in Malta
Photo by Norbert Staudt on Unsplash
