Lithuania has the lowest average wage, and its growth rate is still slower, so the gap is growing said SEB bank household finances expert Julita Varanauskienė.
Lithuania stands out in borrowing as well. In Estonia levels of lending have been growing for some time, while Lithuania only reached a turning point only in the second half of last year when consumer loans increased.
“Latvia is in stagnation because they are dealing with loans taken out in 2006-2008, and it is a burden,” said Varanauskienė.
Housing prices in Estonia have increased more than the income. So housing there has become less affordable. Meanwhile housing affordability in Latvia and Lithuania have improved.
“Still the ability to buy a house is lowest in Lithuania. Estonians have the best opportunities to acquire the largest area in a newly built housing while Latvians – the largest area in an old building,” said Varanauskienė.