While it seems property in Venice might be expensive, food seems cheap. At the supermarket we have been buying 6 500ml bottles of water for €1.98. Eggs cost €1.69 for 10. We pay $4-$5 dollars for 12. Aperol, which is an alcoholic mixer is approximately $35 a bottle at home. In Venice I saw it in the supermarket for €7.95 for the same size bottle. If only I could get a job I could eat like a King in Venice!
The challenge is all of the pizza and pasta. I think I would turn in to a fat Italian Mama very quickly. That said, the advantage of Venice is that by necessity you walk a lot, so perhaps it would balance things out.