ZIP 98501
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12-month history
Last updated: October 17, 2026
What the numbers show
February. Asking rents in ZIP 98501 usually run 0.8% below trend in February and 0.8% above it in June, about $30 a month apart at today's median. Based on 10 years of data.
Rent in ZIP 98501 is at its highest level since Zillow's records here began in May 2016.
Rent in ZIP 98501 changed +2.5% over the year to September 2026. Across the 193 Washington ZIP codes Zillow tracks, the typical change was +2.5%.
From 2019 to 2024, rent in ZIP 98501 rose 38.6% while median household income rose 30.4% ($74,558 to $97,198). Rent outpaced income.
Rent in ZIP 98501 is 40.1% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent has risen 3 months in a row, and rose in 9 of the last 12 months.
30% of the median household income ($97,198) is $2,430 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,910); a 3-bedroom is $2,550.
1st cheapest of 4 ZIP codes in Olympia.
From Zillow's monthly rent index (ZORI) for ZIP 98501. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
Who lives here
ZIP 98501 (Olympia, WA) is majority owner-occupied, has a median income above the national average, 51% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How ZIP 98501 in Olympia, WA has changed in 5 years
Compared with 2021, rent in ZIP 98501 in Olympia, WA has climbed by $403 per month, settling near $1,900 after starting the period at $1,497. Median household income grew from $84,353 to $97,198 between 2021 and 2024, a 15.2% shift. Rent outpaced income growth by roughly 11.7 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. Headcount in the area went from 46,170 to 48,067 between 2021 and 2024, a 4.1% change. About 38.3% of households rent today, against 41.5% in 2021. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 44.8% to 51%. Taken together, the five-year picture in ZIP 98501 in Olympia, WA reflects how housing costs and the people paying them have evolved through a stretch that included a pandemic, a hot rental market, and a recent cooling phase.
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Tips for renters in ZIP 98501
Last updated: October 17, 2026
ZIP code 98501 covers Olympia, WA. The median rent here is $1,900/mo as of October 2026. A 1-bedroom rents for a median of $1,640/mo. A 2-bedroom rents for a median of $1,910/mo.
At 23% of local median household income ($97,198/yr), ZIP 98501 ranks as affordable compared to the national benchmark of 30%. Rents have increased 2.5% over the past year.
Frequently asked questions
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How does ZIP 98501 compare to other ZIPs in Washington?
How does ZIP 98501 compare to the rest of Olympia?
At $1,900/mo, rent takes ~23% of ZIP 98501's median household income ($97,198/yr). The standard benchmark is 30%.
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