The aim of this cross‐national study was to assess the relationships among sense of community (SoC) vis‐à‐vis the residential community (i.e., one's home town), identity formation processes, and feelings of loneliness toward parents and peers. The sample included 431 Italian adolescents (59.4% females) and 221 Belgian (Flemish) adolescents (54.3% females) aged 14–23 years. Results indicate that the more adolescents developed firm and sustained commitments, the more they developed positive feelings toward the residential community. SoC toward the home town is lower among youth in less advanced identity statuses. Parent‐ and peer‐related loneliness differentially predicted Italian and Belgian adolescents’ SoC. Results have significant theoretical and methodological implications for the study of SoC, identity, and loneliness.