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Surely any American dreaming of the expat life for retirement would consider Italy near the top of the list. And yet, it rates only a respectable 11th place on International Living's list of Best Places to Retire for 2015.

What's not to love about Italy? Well, the rankings take into account cost of living as well as factors like amenities, infrastructure and climate. And that pushes Italy well below other countries, mostly in Latin America, in the rankings.

But if you can afford to retire in the United States, you can afford to retire in a comparable style in most places in Italy. There's one main difference: If you run short of cash, it's not going to be easy to pick up a part-time job in Italy. The unemployment rate is more than 12% as of late 2015. Besides, foreigners need a special visa to work legally in Italy. (If you have the right skill set and can score some remote work online from Italy, that's a different story.)

Nevertheless, the current favorable exchange rate for Americans with retirement savings or income in U.S. dollars, combined with the troubled Italian economy, have made it a relatively affordable place to live.

Here are some sample numbers, from Numbeo.com, which tracks consumer prices globally: The average monthly rent for a one-bedroom apartment in Italy ranges from $500 outside a city to $662 in a city center. Buying an apartment costs about $255 to $446 per square foot. A meal out for two at a mid-level restaurant averages $57. (All prices were converted from euros.)

For comparison, here are the latest averages for the U.S., according to Numbeo: A one-bedroom rental now costs an average $823 monthly outside a city and $1,057 in a city center. Buying an apartment averages $138 to $217 per square foot. That meal for two at a mid-level restaurant costs about $50.

If you're an American, you'll see the limitations of an average price. There are big differences between San Francisco and San Antonio, in cost of living among other things. The same regional variations apply equally to Italy.

However, these average numbers can be used in a back-of-the-envelope estimate of how much income you need to retire in Italy. Using the standard affordability measure that income should be four times rental cost, you need a minimum income of about $24,000 to $31,800 in order to live in modest comfort in Italy.

If you keep up with the international news, you know that Italy does not need any additional strain on its social services. So, although an American can visit Italy for up to 90 days with no special visa, permission to live there longer term requires proof of sufficient independent income.

For most Americans, that means obtaining an elective residency visa. Applicants must prove that they have stable and adequate income and assets to live in Italy. No minimum is stated. Remember, this visa does not permit you to take a job in Italy.

To get the process started, an applicant must first request an entry permit at an Italian Consulate in the U.S. The required documents include proof of income and assets, proof of a leased or owned home in Italy, proof of overseas health insurance covering 100% of all medical expenses and even a confirmed flight reservation.

Once the entry permit is obtained, the applicant can return to Italy, file for a document called a permit of stay and finally apply for the actual residency visa.

A recent law also requires Americans living in Italy to pass a competency exam on the Italian language, law and culture before being granted permanent residency.

Those required Italian language lessons will come in especially handy for a retiree in Italy with an income in the range described above, $24,000 to $31,800. Living like an Italian in Italy will cost a lot less than living like an American in Italy.

As in virtually any developed country, Italy has every luxury that an American could want, for a price. It has high-rise apartment buildings equipped with air-conditioning, elevators and dishwashers, often in enclaves that are dominated by foreign businessmen, well-heeled tourists and expats.

Or, you can live like an Italian. If you speak the language, you can bypass the expensive help of businesses that cater to English-speaking expats. Whole neighborhoods that you didn't know existed will be open to you, and the restaurants that serve them will be better and cheaper.

(For more on projecting your overseas retirement budget, see What Does Retirement Abroad Cost? and Plan Your Retirement Abroad.)

If you can afford to retire in the United States, you can afford to retire in Italy. Given the current exchange rate and economic conditions, you can expect to live as well there as in the U.S., or better. But these days, a working knowledge of Italian is a prerequisite to the good life there. Wondering where, exactly, in Italy you should settle? Read The Top Regions For Retirement In Italy.