Is it cheaper to live abroad than in the US?
Oct 16, 2023, 10:00 PM | Updated: Oct 17, 2023, 9:53 pm
According to data from the U.S. Census Bureau, most Utahns moving out of the state stay pretty close to home. (Bruce Bennett/Getty Images)
(Bruce Bennett/Getty Images)
SALT LAKE CITY — Would you move to Italy if it was cheaper than living in the United States? A woman residing in Fort Worth, Texas decided to do just that and said her money goes a lot further in Italy.
On a recent episode of Dave and Dujanovic, Debbie Dujanovic found a CNN article about 62-year-old, Barbara, who made the big move out of the U.S.
In the article, Barabra said she bought a two-and-a-half-acre property with 200 olive trees and a three-bedroom home for $123,000. She said there’s no need for a car with public transportation, and in just a few hours she can be in Rome or Venice.
The median price for a home in Salt Lake County is $600,000.
Carlos Artiles Fortún, a KSL at Night host who grew up in Spain, backed up Barbara’s decision by saying the cost of living is overall cheaper in Europe than here in the U.S.
“A lot cheaper. Kind of like in Italy. I think all of Europe is a lot cheaper. Just to live day-to-day, to rent a house. Maybe the grocery stores are kind of the same, maybe a little bit less. But going to the restaurants and everything, I would say you just spend a lot less money,” Fortún said.
Factors to consider when moving abroad
Although the thought of moving abroad may sound easy-peasy, factors such as residency, buying property and health care should be considered.
To gain residency in Italy, you’ll need proof of an annual income of at least 31,000 euros. According to AARP, this amount can come from Social Security, savings, investments, a pension or annuity.
You’ll also need a lease or rental contract for a place to live.
As for buying property in Italy, Americans are able to do so without restrictions.
Arturo Grasso, an attorney based in Rome, told AARP that U.S. retirees on an Elective Residence Visa residing in Italy are not eligible for coverage under the public health system.
Those looking to make the big move will need to obtain private insurance.
Overall, the idea of moving abroad can become a reality. That said, make sure to do your research before going all-in.
Dave & Dujanovic can be heard on weekdays from 9 a.m. to noon.
