Updated 25 October 2026
Quick answer: In Latvia in 2026, the minimum wage is €780/month (about $873 a month full time); an average earner keeps 74% of their pay after income tax and social security; mortgage rates are about 4.35%; household electricity costs €0.241 per kWh; petrol is €1.95/L, up 27.2% since February. The table below puts 7 everyday money measures for Latvia side by side and ranks each one against the other countries in our data, using official figures from national statistics offices, central banks, the OECD and Eurostat.
Latvia is close to the middle on most measures; its most unusual figure: mortgage rate, 4.35% (new home loans, August 2026), is the 8th highest of 31 countries. It sits nearer the middle for tax on an average wage, petrol price and household electricity price.
Latvia at a Glance
| Measure | Latvia | Rank |
|---|---|---|
| Minimum wage | €780/month (≈ $873/month) | 11th lowest of 38 |
| Tax on an average wage | 26% (keeps 74%) | 17th highest of 38 |
| Mortgage rate | 4.35% (new home loans, August 2026) | 8th highest of 31 |
| Electricity (household) | €0.241/kWh (≈ $0.27) | 16th highest of 33 |
| Petrol price | €1.95/L (+27.2% since Feb) | 14th highest of 29 |
| Pension (share of pay) | 52.2% of net pay | 14th lowest of 50 |
| Bank deposit protection | €100,000 per person, per bank | — |
Rank compares Latvia with the other countries in each dataset; "highest" means the largest value. "—" means the measure isn't ranked.
Minimum Wage in Latvia (2026)
The legal minimum wage in Latvia is €780/month. For a month of full-time work that is about $873 at current exchange rates, 11th lowest of 38 countries in our comparison.
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Income Tax and Take-Home Pay in Latvia
A single worker on the average wage in Latvia (about $43,000 at purchasing-power parity) pays 26% of gross pay in income tax and employee social security, so they keep 74%. That is 17th highest of 38 countries, against an OECD average of 25.1%.
Income tax and employee social security take 26.0% of pay at the average wage, 22.4% at two-thirds of it and 28.9% at 1.67 times it. Including employer contributions, the total tax wedge is 40.1% of labour costs.
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Mortgage Rates in Latvia (2026)
The typical mortgage rate in Latvia is 4.35% (new home loans, August 2026), 8th highest of 31 countries; the euro area average is 3.6%.
Up 0.38 points since February 2026 (3.97%). Monthly payment per €100,000 over 25 years: €547.
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Electricity Prices in Latvia
Households in Latvia pay about €0.241 per kWh of electricity (about $0.27), 16th most expensive of 33 countries; the EU average is €0.283. Change: −1.5% vs late 2025.
Household gas: €0.081 per kWh. Typical household using 2,500–5,000 kWh a year, all taxes included, January–June 2026.
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Petrol Prices in Latvia Since the Iran War
Petrol in Latvia costs €1.95/L (week of 19 October 2026), up 27.2% from €1.53/L in the week before the Iran war began. It peaked at €2.04/L (28 Sep). At about $2.18 a litre it is 14th most expensive of 29 countries, and the rise is 13th largest of 29 countries.
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How Much the State Pension Pays in Latvia
A full-career average earner in Latvia can expect a mandatory pension worth about 52.2% of their previous net pay, 14th least generous of 50 countries (OECD average 63.2%). Low earner (half the average wage): 64%. High earner (twice the average): 51%.
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How Much of Your Money Is Protected in Latvia
Bank deposits in Latvia are protected up to €100,000 per depositor, per bank (about $111,900), the limit set by EU law for every member state. Harmonised by EU law; local-currency equivalent outside the euro. Money in payment apps and e-money wallets is usually not covered.
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Latvia vs Estonia, Lithuania and Finland
The same measures for Latvia and its nearest neighbours in our data, side by side.
| Measure | Latvia | Estonia | Lithuania | Finland |
|---|---|---|---|---|
| Minimum wage | €780/month (≈ $873/month) | €946/month (≈ $1,059/month) | €1,153/month (≈ $1,291/month) | None by law (collective agreements) |
| Tax on an average wage | 26% (keeps 74%) | 23.2% (keeps 77%) | 38.7% (keeps 61%) | 30.7% (keeps 69%) |
| Mortgage rate | 4.35% (new home loans, August 2026) | 4.27% (new home loans, August 2026) | 4.16% (new home loans, August 2026) | 3.24% (new home loans, August 2026) |
| Electricity (household) | €0.241/kWh (≈ $0.27) | €0.212/kWh (≈ $0.24) | €0.216/kWh (≈ $0.24) | €0.269/kWh (≈ $0.30) |
| Petrol price | €1.95/L (+27.2% since Feb) | €1.95/L (+34.5% since Feb) | €1.95/L (+33.8% since Feb) | €2.33/L (+35.8% since Feb) |
| Pension (share of pay) | 52.2% of net pay | 37.8% of net pay | 28.2% of net pay | 65.7% of net pay |
| Bank deposit protection | €100,000 per person, per bank | €100,000 per person, per bank | €100,000 per person, per bank | €100,000 per person, per bank |
Compare Latvia With Other Countries
See every country side by side in Compare Countries 2026: Wages, Tax, Mortgages and Pensions, or compare Latvia with nearby countries in our data: Estonia, Lithuania, Finland and Poland.
Related Guides
Figures checked against the official sources listed in each linked guide in October 2026. Exchange-rate conversions are approximate. This page is for information and isn't financial or legal advice.
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