With its wealth of job opportunities and international appeal, Milan is one of the most popular Italian cities among foreigners.

According to the latest available data, the northern economic powerhouse is home to as many as 280,800 foreign nationals, who make up around 20.3 percent of the city’s total population.

After Rome, Milan is the second-most popular Italian destination among native English speakers, with UK and US expats leading the pack.

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But Milan’s bustling job market and cosmopolitan life come at a price, with the metropolis being recently ranked as the third-most expensive Italian city to live in. 

So, how much will you really need to be able to live in Lombardy’s capital and what are the biggest expenses for residents?

Rent

While Milan has long been known for its high rents, living in the city has become possibly even more expensive over the past year.

In the first half of 2022, the average rent in Milan rose by 11.2-percent against the same period last year, with the average monthly rent currently at 20.14 euros per square metre, the highest in the region.

The asking price can even be as high as 33 euros per square metre in the more central areas of the city (Duomo, Cadorna, Cordusio, Parco Sempione, etc.).

This means renting a one-bedroom flat in the city centre will set you back 1,260 euros a month on average and, while prices generally decrease the further away from the centre, renting the same type of flat in the city outskirts will still come at an average monthly price of 830 euros.

Sadly, things aren’t much better for those looking for a single room in a shared flat as rent can be as high as 620 euros in central Milan.

To see which areas of the city are cheaper when it comes to rent, you can refer to the following online map.

Bills

In the case of most tenancy agreements in Italy, utility bills are not included in the rent. 

Though bills are naturally dependent upon a household’s individual expenditure, monthly bollette – these include gas, electricity and water bills plus waste collection fees – for an 85-square-metre flat in Milan are estimated to add up to an average of 207 euros.

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That’s 31 euros over Italy’s national average, which sits at 176 euros a month. 

Groceries

The price of groceries in Italy has increased dramatically over the past few months, triggered by record levels of inflation.

According to the latest available data, Milan is the most expensive Italian city when it comes to grocery shopping as filling a supermarket cart with basic goods is estimated to set residents back 116 euros on average (that’s a 41-euro difference compared to the cheapest city, Naples).

The average Milan family spends 441 euros a month on groceries, newspaper La Repubblica estimates.

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A list of the most cost-efficient supermarkets in Milan can be downloaded here (click on ‘Scarica lo speciale supermercati’).

Eating out

Milan residents love to eat out, with most locals indulging in a restaurant dinner at least once a week.

As in most major cities, the size of your bill will largely depend not just on the type of restaurant you choose but also on its location. 

A three-course meal for two people in a mid-range city restaurant will set you back 80 euros on average, according to Numbeo estimates, while a regular meal in an inexpensive restaurant comes at around 20 euros apiece.

Going out, leisure and entertainment

Milan is a bustling city and, as a resident, you’ll hardly ever find yourself wanting for things to do on a weekend.

Once again, the price tag of your leisure activities will be directly dependent upon what you choose to do and where, though prices are generally in line with those of other major Italian cities. 

READ ALSO: ‘It takes time’: Foreign residents on what it’s really like to live in Milan

For instance, a regular cinema ticket costs around 10 euros, whereas renting a tennis court for one hour comes at an average price of 25 euros.

Transport

Public transport in Milan is reliable and affordable. The underground (metropolitana) is by far the fastest way to get around town, though trams and buses are also available.

A monthly urban ticket with ATM, Milan’s public transport operator, costs 39 euros, whereas an annual ticket goes for 330 euros.

A number of generous discounts are available to low-income residents, people under 30 and students.

Despite the overall reliability and breadth of Milan’s public transport network, like elsewhere in Italy most locals use their own wheels – there are nearly nine registered vehicles for every 10 residents in Milan.

Aside from non-negligible fuel-related expenses, parking in Milan is fairly expensive, with tariffs starting from 1.20 euros an hour in the outskirts but reaching 4.50 euros an hour in the city centre. 

Access to the centre (Area C) is only granted to eco-friendly vehicles and there’s a 2-euro fee for residents or a 5-euro fee for non-residents.

Find further information on traffic rules in Milan on the town hall’s official web page.