How much is a home worth in ZIP code 98516?

The typical home in 98516 is worth $583,479, based on the Zillow Home Value Index.

Are home values rising in 98516?

Home values in 98516 are up 0.3% over the past year, and up 3.5% a year over five years.

What is the typical rent in 98516?

A typical home in 98516 rents for about $2,008 a month, a gross rental yield of 4.1%.

What is the property tax rate in 98516?

The effective property tax rate in 98516 is 0.8% — roughly $4,697 a year on a typical home.

ZIP code 98516 has a population of 29,177 and a median household income of $98,892.

HousingHandbookReference data

…

U.S. ZIP Code · WA98516

Thurston County · Olympia-Lacey-Tumwater, WA

Typical home value

$583,479^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: +0.3%
5-year / yr: +3.5%
10-year / yr: +6.5%

Relative price

vs U.S.: +105.4%
vs metro: +11.9%
vs state: +16.0%

Price history

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

The typical home in 98516 is worth $583,479 — 11.9% above the Olympia-Lacey-Tumwater, WA median. Over the past year, values have risen 0.3%. Homes here rent for a typical $2,008 a month — a 4.1% 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: $2,008^[2]
Gross yield: 4.1%^[2]
Cap rate: 2.5%^[2]

#Property tax

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

Effective tax rate: 0.8%^[3]
Typical annual tax: $4,697^[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: 29,177^[3]
Median household income: $98,892^[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: 7
Elementary: 3
Middle: 2
High: 1

Salish Middle School
Middle · Grades 6–8 · North Thurston Public Schools
787 students
Chinook Middle School
Middle · Grades 6–8 · North Thurston Public Schools
710 students
Olympic View Elementary
Elementary · Grades K–5 · North Thurston Public Schools
609 students
Pleasant Glade Elementary
Elementary · Grades PK–5 · North Thurston Public Schools
507 students
Summit VIrtual Academy
Other · Grades K–12 · North Thurston Public Schools
365 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 yield4.1%

Net yield (after ~40% expenses)2.5%

Annual rent$24,093

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$2,950

Loan principal$466,783

Down payment$116,696

Total interest paid$595,356

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 ratio1.91

Monthly cost to own$3,826

Monthly rent$2,008

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: 18th percentile^[1]
Rental yield: 43rd percentile^[2]
Property tax: 55th percentile^[3]

Frequently asked

How much is a home worth in ZIP code 98516?: The typical home in 98516 is worth $583,479, based on the Zillow Home Value Index.
Are home values rising in 98516?: Home values in 98516 are up 0.3% over the past year, and up 3.5% a year over five years.
What is the typical rent in 98516?: A typical home in 98516 rents for about $2,008 a month, a gross rental yield of 4.1%.
What is the property tax rate in 98516?: The effective property tax rate in 98516 is 0.8% — roughly $4,697 a year on a typical home.
Who lives in 98516?: ZIP code 98516 has a population of 29,177 and a median household income of $98,892.

#Comparable ZIPs

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

98502 vs 98516 →
Olympia, WA
Typical home
$578,981
Gross yield
4.1%
98512 vs 98516 →
Tumwater, WA
Typical home
$559,435
Gross yield
4.1%
98501
Tumwater, WA
Typical home
$553,037
Gross yield
4.0%
98506
Olympia, WA
Typical home
$547,044
Gross yield
3.9%
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 · WA98516

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