How much is a home worth in ZIP code 98501?

The typical home in 98501 is worth $553,037, based on the Zillow Home Value Index.

Are home values rising in 98501?

Home values in 98501 are up 0.5% over the past year, and up 3.6% a year over five years.

What is the typical rent in 98501?

A typical home in 98501 rents for about $1,839 a month, a gross rental yield of 4.0%.

What is the property tax rate in 98501?

The effective property tax rate in 98501 is 0.9% — roughly $4,978 a year on a typical home.

ZIP code 98501 has a population of 48,067 and a median household income of $97,198.

HousingHandbookReference data

…

U.S. ZIP Code · WA98501

Thurston County · Olympia-Lacey-Tumwater, WA

Typical home value

$553,037^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: +0.5%
5-year / yr: +3.6%
10-year / yr: +6.9%

Relative price

vs U.S.: +94.7%
vs metro: +6.0%
vs state: +9.9%

Price history

Zillow Home Value Index — monthly, smoothed and seasonally adjusted.

The typical home in 98501 is worth $553,037 — 6.0% above the Olympia-Lacey-Tumwater, WA median. Over the past year, values have risen 0.5%. Homes here rent for a typical $1,839 a month — a 4.0% gross rental yield. The effective property tax rate is 0.9%.

#Rent & investment

Typical asking rent, and the returns it implies at the current home value.

Monthly rent: $1,839^[2]
Gross yield: 4.0%^[2]
Cap rate: 2.4%^[2]

#Property tax

Effective rate — total real estate taxes paid relative to total home value.

Effective tax rate: 0.9%^[3]
Typical annual tax: $4,978^[3]

#Climate risk

FEMA National Risk Index ratings for Thurston County. "Not Applicable" means the hazard does not threaten the county.

Overall risk: Relatively High^[4]
Riverine flood: Relatively Moderate
Coastal flood: Relatively Low
Wildfire: Very Low
Drought: Very Low
Heat wave: Relatively Moderate
Hurricane: Not Applicable
Tornado: Very Low
Earthquake: Relatively High
Winter weather: Relatively Low

#Who lives here

Population: 48,067^[3]
Median household income: $97,198^[3]

#Migration

Household moves in and out of Thurston County over a year, from IRS tax-return data.

Net migration: +1,142^[5]
Moved in: 11,109
Moved out: 9,967

Schools

Open public schools in this ZIP, from the NCES Common Core of Data.

Public schools: 16
Elementary: 9
Middle: 1
High: 5

Olympia High School
High · Grades 9–12 · Olympia School District
1,828 students
Tumwater High School
High · Grades 9–12 · Tumwater School District
1,139 students
Washington Middle School
Middle · Grades 6–8 · Olympia School District
741 students
Washington Connections Academy - Mary M. Knight
Elementary · Grades K–8 · Mary M Knight School District
694 students
East Olympia Elementary
Elementary · Grades PK–5 · Tumwater School District
613 students

Run the numbers

Interactive calculators pre-filled with this ZIP's typical home value, rent, and property-tax rate. Edit any field to recompute.

Home value$Monthly rent$

Gross yield4.0%

Net yield (after ~40% expenses)2.4%

Annual rent$22,071

Gross and net yield are estimates based on the inputs and the selected expense ratio. Actual income and expenses will vary by property and market. Not investment advice.

Home price$Down payment%Interest rate%Loan termyears

Monthly payment$2,796

Loan principal$442,430

Down payment$110,607

Total interest paid$564,295

Estimated monthly payments include principal and interest only. Actual costs will include property tax, insurance, possibly PMI, and HOA fees not modeled here. Loan terms shown are estimates; consult a licensed lender for current rates and qualification.

Home price$Monthly rent$Down payment%Mortgage rate%Property tax rate% / yrMaintenance% / yrRule of thumb: 1% of home value per year.

Own : rent ratio2.00

Monthly cost to own$3,672

Monthly rent$1,839

Renting is meaningfully cheaper month-to-month.

This calculator projects multi-year scenarios based on assumptions about appreciation, rent growth, and investment returns — none of which are guaranteed. Actual outcomes depend on variables this tool cannot know. Not financial or real estate advice.

#Metro ranking

Where this ZIP sits among others in its metro area.

Appreciation: 27th percentile^[1]
Rental yield: 14th percentile^[2]
Property tax: 100th percentile^[3]

Frequently asked

How much is a home worth in ZIP code 98501?: The typical home in 98501 is worth $553,037, based on the Zillow Home Value Index.
Are home values rising in 98501?: Home values in 98501 are up 0.5% over the past year, and up 3.6% a year over five years.
What is the typical rent in 98501?: A typical home in 98501 rents for about $1,839 a month, a gross rental yield of 4.0%.
What is the property tax rate in 98501?: The effective property tax rate in 98501 is 0.9% — roughly $4,978 a year on a typical home.
Who lives in 98501?: ZIP code 98501 has a population of 48,067 and a median household income of $97,198.

#Comparable ZIPs

Same metro, nearest typical home value. Each card shows the comparable ZIP's headline numbers so you can scan at a glance.

98506 vs 98501 →
Olympia, WA
Typical home
$547,044
Gross yield
3.9%
98512 vs 98501 →
Tumwater, WA
Typical home
$559,435
Gross yield
4.1%
98502
Olympia, WA
Typical home
$578,981
Gross yield
4.1%
98516
Lacey, WA
Typical home
$583,479
Gross yield
4.1%
98579
Rochester CDP, WA
Typical home
$521,564
Gross yield
—
98576
Rainier, WA
Typical home
$521,529
Gross yield
—

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#Jump to section

U.S. ZIP Code · WA98501

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