Cost of living in Italy – Single, family & student

The monthly cost of living in Italy is:

• Single person: € 1,310 (with rent), € 656 (without rent)
• Student: € 818 (with rent).
• Family of four: € 3,214 (with rent), € 2,049 (without rent)

While Italy is famous for its rich artistic culture and beauty, these won’t cover the expenses for expats and students studying abroad.

Therefore, this guide will explore Italy’s cost of living index. By highlighting housing, food, transportation, and related costs, you can effectively plan your finances to enjoy a high quality of life while keeping expenses in check.

Do you know?

• Italy’s GDP increased from USD 2.07 Trillion in 2022 to USD 2.25 Trillion in 2023 [1] 
• Italy’s unemployment rate declined from 8.1% in 2022 to 7.6% in 2023. [2]
• Italy’s inflation rate decreased from 8.2% in 2022 to 5.6% in 2023.[3]

A glance at the average cost of living in Italy

Source: Numbeo 

Average cost of living in Italy: Single vs student vs family

Source: Livingcost.org, LeapScholar.

An overview of monthly rents in Italy

Source: Numbeo 

Average living cost in Italy: Citywise

Source: Livingcost.org (Refer to citiwise cost of living pages)

Tax scenario

Italy’s tax system for non-residents is straightforward, focusing on income earned within the country. Non-residents typically pay taxes only on income from Italian sources, such as wages, business profits, and investment income.

The following tax rates apply to personal income produced in Italy.

Source: agenziaentrate.gov, Tax Summaries PwC – Italy.

What salary do you need to live in Italy?

The basic cost of living in Italy is € 1310 per month, which is 1.36 times higher than the global average. 

While this number is a general estimate, individual financial needs can vary depending on factors such as location, lifestyle and housing preferences. Italy’s standard of living compensates for the higher cost of living in cities like Rome and Milan. 

While a substantial salary may be needed for a comfortable lifestyle in major cities, the overall benefits make it an attractive destination.

Also read: 5 salary negotiation tips that will get you paid what you’re worth.

What should be your monthly budget for living in Italy?

##It is an approximate value based on the consumer prices and average living expenses of an individual. It is advisable to consider income level, spending habits, location, and specific monthly expenses to calculate an accurate budget.

Do’s and don’ts

Do’s

• Take advantage of student discounts at places like museums, theatres and restaurants. 
• Since frequently eating out can get expensive, cook meals at home. 
• Italy has an extensive public transport network, so opt for buses, metros or trains over taxis. 
• Consider renting a shared apartment or student housing, as it helps reduce housing costs. 
• Open a bank account as soon as possible, as it can make it easier to manage your finances. 

Don’ts

• Do not overlook hidden fees when renting. 
• Do not miss out on free events and sales at the supermarket. 
• As a working individual, do not overlook your tax obligations. Consult with a professional.
• Do not neglect the prices of utilities; use all resources carefully. 

Best places to live in Spain for students and job seekers

Rome

Rome’s world-renowned universities, such as Sapienza University of Rome and La Sapienza, provide excellent academic opportunities. Furthermore, Rome’s thriving economy, particularly in sectors like fashion, tourism and technology, presents ample career opportunities with attractive income levels in Italy. 

Average cost of living per person: € 1562

Milan

Known as Italy’s economic powerhouse, Milan offers a dynamic environment that attracts foreign students and working professionals due to its completing career prospects. From famous universities like Bocconi and Politecnico to a thriving job market with lucrative options, the city offers invaluable exposure to knowledge and experience. 

Average cost of living per person: € 1909

Naples 

The city’s affordable cost of living and numerous universities make it an attractive destination for international students. Additionally, its strategic location provides working professionals with business and job opportunities both within and outside Italy.

Average cost of living per person: € 1230

Florence 

Florence, with its renowned art schools, world-class universities, and vibrant academic community, offers students a unique academic experience. The city’s thriving job market also provides lucrative opportunities in fashion, arts, tech, and tourism.

Average cost of living per person: € 1490

Also read: Common money mistakes to avoid when living abroad.

Before you go…

Before relocating to Italy, assess your financial readiness based on the average salary in Italy and Italy’s living expenses for informed planning. Furthermore, to ensure smooth financial transactions during your stay in Italy, consider using a reliable money transfer service like Instarem. 

For instance, by using Instarem to send money to India from Italy, you benefit from secure and quick** money transfers. Moreover, no hidden fees and affordable# conversion rates make conversions from EUR to INR hassle-free and accessible for students and working individuals alike. 

To access the service more conveniently you can download the InstaremApp from the App Store or Google Play. 

FAQs

Q. Is it expensive to live in Italy?

The cost of living in Italy is 1.36 times higher than the global average. Strategic planning and informed choices can greatly reduce this cost.

Q. How much money do you need to live in Italy?

The average monthly budget  in Italy ranges from € 656 – €3214.

Q. How much is the cost of living in Italy for international students?

Italy’s cost of living for an international student is € 818 per month, including rent. 

Q. Is it cheaper to live in Sydney or Rome?

Sydney’s average cost of living, € 2523, is higher than Rome’s € 1562, with a difference of € 961.

Q. What is the average room rent in Italy?

A 1-bedroom apartment in the city centre in Italy costs around € 749.25 in rent.

Q. How much is the cost of living in Italy per month?

The average monthly cost of living in Italy for a single person is around € 1310 per month with rent and € 656 without rent.

Q. How much is the cost of living in Italy for a couple?

The monthly cost of living in Italy for a couple ranges around € 1,607 with rent and € 1,024 without rent. 

Q. What is the cost of living in Italy for a single person?

The average monthly cost of living in Italy for a single person is around € 1310 per month with rent and € 656 without rent.

Q. What is the cost of living in Italy for a family?

The average monthly cost of living in Italy for a family of four is around € 3214 per month with rent and € 2049 without rent.

Q. What is a good salary in Italy?

While the exact amount varies, a good salary is one that lets you live comfortably in Italy without compromising your standard of living.

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Disclaimer:

• This article is intended for informational purposes only. All details are accurate at the time of publishing. Instarem has no affiliation or relationship with the products or vendors mentioned.

• Prices mentioned in this blog are subject to change.

• ** Fast means 75% of our transactions are completed in 15 minutes. Depending on the funding method.
• # When it comes to affordable exchange rates and fees, it’s worth noting that the cost will vary depending on how you choose to fund your transactions. Credit card funding and bank transfer fees can differ significantly. 
• The prices were taken on the 6th and 9th of September 2024 from different sources and are subject to change.

Citations:

[1]https://data.worldbank.org/indicator/SL.UEM.TOTL.ZS?locations=ES 

[2]https://data.worldbank.org/indicator/FP.CPI.TOTL.ZG?locations=ES 

[3]https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?locations=ES