How much is a property in the center of Milan worth? What do you have to give up to pay for the purchase? An investigation by Yolt, a wealth management application, answers your questions.
What to give up to buy property in Milan?
If you want to buy a property in the center of Milan, foregoing a dinner or a few cinema visits may not save you enough. The "small luxuries" in everyday life that should be given up, actually run the risk of being too much and far from satisfying the objective.
Cross data from Istat, Consob, and others, with the money management application named Yolt, has found that the average advance of a 100 square meters apartment in the center of Milan is 151,596 euros. Therefore to pay this amount, you will have to waive 13,781 pizzas, 2,526 three-course meal lunches for two, 16,477 cinema visits or approximately 101,000 subway trips.
How long does it take to buy a property in Milan?
How fast could you get to the amount you want? If it were based solely on the money saved on your morning coffee, a couple would need more than 66 years to reserve the down payment to buy a property in downtown Milan, but for other expenses, it could take over 100 years. See average prices here and what you'll need to save in Milan, according to Yolt:
| Object/Activity | The average price in Milan (euros) | Quantity required to reach the total 2018 average for a deposit in the center of Milan (151,596 euros) | Quantity required to reach the total 2018 average of a deposit on the outskirts of Milan (64,195 euros) |
| Eating & Drinking | |||
| Pizza | 11.00 | 13,781 | 5,835 |
| 3 course meal x2 | 60.00 | 10,106 | 4,279 |
| Cappuccino | 1.40 | 108,282 | 45,853 |
| Transport | |||
| 1-way ticket public transport | 1.50 | 101,064 | 42,796 |
| Entertainment | |||
| Internet (60Mbps, unlimited data, cable/ADSL) | 27.17 | 5,579 months, 464 years | 2,362 months, 196 years |
| Cinema ticket | 9.20 | 16,477 films | 6,977 films |
| Monthly gym membership | 60.39 | 2,510 months, 209 years | 1,063 months, 88 years |
How much to save to buy a property in Milan?
Perhaps simply letting go of small luxuries isn't enough if we have such an ambitious goal, we need more serious planning of our expenses and savings. According to the Consob Report on investment options for Italian families in 2018, only one in three families would adopt. "Having a clear, real-time view of your money makes saving much easier," says Cristel Lee Leed, marketing director at Yolt. Also, training when it comes to daily spending habits is often the first step to achieving a realistic savings plan. It's very important for people to have a long-term savings plan. By the time you realize what you're saving and spending, there's no longer any reason not to get a small gift once in a while, but to achieve your savings goals.
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