How much is a home worth in ZIP code 98506?

The typical home in 98506 is worth $547,044, based on the Zillow Home Value Index.

Are home values rising in 98506?

Home values in 98506 are down 1.0% over the past year, and up 3.2% a year over five years.

What is the typical rent in 98506?

A typical home in 98506 rents for about $1,777 a month, a gross rental yield of 3.9%.

What is the property tax rate in 98506?

The effective property tax rate in 98506 is 0.8% — roughly $4,613 a year on a typical home.

ZIP code 98506 has a population of 18,497 and a median household income of $91,596.

HousingHandbookReference data

…

U.S. ZIP Code · WA98506

Thurston County · Olympia-Lacey-Tumwater, WA

Typical home value

$547,044^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: -1.0%
5-year / yr: +3.2%
10-year / yr: +6.9%

Relative price

vs U.S.: +92.6%
vs metro: +4.9%
vs state: +8.7%

Price history

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

The typical home in 98506 is worth $547,044 — 4.9% above the Olympia-Lacey-Tumwater, WA median. Over the past year, values have fallen 1.0%. Homes here rent for a typical $1,777 a month — a 3.9% gross rental yield. The effective property tax rate is 0.8%.

#Rent & investment

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

Monthly rent: $1,777^[2]
Gross yield: 3.9%^[2]
Cap rate: 2.3%^[2]

#Property tax

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

Effective tax rate: 0.8%^[3]
Typical annual tax: $4,613^[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: 18,497^[3]
Median household income: $91,596^[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: 6
Elementary: 3
Middle: 1
High: 2

North Thurston High School
High · Grades 9–12 · North Thurston Public Schools
1,412 students
South Bay Elementary
Elementary · Grades PK–5 · North Thurston Public Schools
587 students
Roosevelt Elementary School
Elementary · Grades PK–5 · Olympia School District
396 students
Reeves Middle School
Middle · Grades 6–8 · Olympia School District
389 students
Boston Harbor Elementary
Elementary · Grades PK–5 · Olympia School District
169 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 yield3.9%

Net yield (after ~40% expenses)2.3%

Annual rent$21,323

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$2,766

Loan principal$437,636

Down payment$109,409

Total interest paid$558,180

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 ratio2.03

Monthly cost to own$3,605

Monthly rent$1,777

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: 0th percentile^[1]
Rental yield: 0th percentile^[2]
Property tax: 73rd percentile^[3]

Frequently asked

How much is a home worth in ZIP code 98506?: The typical home in 98506 is worth $547,044, based on the Zillow Home Value Index.
Are home values rising in 98506?: Home values in 98506 are down 1.0% over the past year, and up 3.2% a year over five years.
What is the typical rent in 98506?: A typical home in 98506 rents for about $1,777 a month, a gross rental yield of 3.9%.
What is the property tax rate in 98506?: The effective property tax rate in 98506 is 0.8% — roughly $4,613 a year on a typical home.
Who lives in 98506?: ZIP code 98506 has a population of 18,497 and a median household income of $91,596.

#Comparable ZIPs

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

98501 vs 98506 →
Tumwater, WA
Typical home
$553,037
Gross yield
4.0%
98512 vs 98506 →
Tumwater, WA
Typical home
$559,435
Gross yield
4.1%
98579
Rochester CDP, WA
Typical home
$521,564
Gross yield
—
98576
Rainier, WA
Typical home
$521,529
Gross yield
—
98589
Tenino, WA
Typical home
$517,907
Gross yield
—
98502
Olympia, WA
Typical home
$578,981
Gross yield
4.1%

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Pit ZIP 98506 against any other ZIP — full side-by-side table.

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#Jump to section

U.S. ZIP Code · WA98506

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