ZIP Code · WA

ZIP 98506

Part of Olympia, WA

Pop. 18,497·Thurston County·101st most expensive ZIP in Washington

Median rent (all units)

$2,038/mo

Year-over-Year

+1.8%

Month-over-Month

-0.3%

vs US Median

+$106

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

ZIP 98506 · $2,038

More expensive than 63% of US ZIP codes · National median $1,932/mo

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Compare your rent to the local median.

Medians by bedroom

Rent by unit size

Studio

$1,440

1 BR

$1,580

2 BR

$1,840

3 BR

$2,450

4 BR+

$3,090

Research median

$1,840/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: October 17, 2026

From the history

What the numbers show

Past year vs. the rest of Washington

Rent in ZIP 98506 changed +1.8% over the year to September 2026. Across the 193 Washington ZIP codes Zillow tracks, the typical change was +2.5%.

Recent direction

Rent rose in 7 of the last 12 months.

What a typical income covers

30% of the median household income ($91,596) is $2,290 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,840); a 3-bedroom is $2,450.

Rank in Olympia

4th cheapest of 4 ZIP codes in Olympia.

From Zillow's monthly rent index (ZORI) for ZIP 98506. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$24,456/yr

At $2,038/mo median

Location

CityOlympia

StateWA

CountyThurston County

Rent Market Meter

Balanced Market

Renter's MarketBalancedLandlord's Market

Rents are roughly steady, with neither renters nor landlords holding a strong edge right now.

Based on rent-price momentum (+1.8% YoY, -0.3% MoM), not inventory.

Demographics

Who lives here

ZIP 98506 (Olympia, WA) is majority owner-occupied, has a large retiree population, has a median income above the national average, 50.8% of residents hold a bachelor's degree or higher.

Population

18,497

Median income

$91,596

Median age

48.4

Renters

33.7%

Age distribution

13.9%

15.8%

28.1%

14%

28.2%

Under 1813.9%

18–3415.8%

35–5428.1%

55–6414%

65+28.2%

Gender

46.2%

53.8%

Male46.2%

Female53.8%

Race & ethnicity

80.4%

White80.4%

Black1.9%

Hispanic6.8%

Asian5.2%

Other5.7%

Education (25+)

18.4%

27.5%

50.8%

No HS diploma3.2%

HS diploma18.4%

Some college27.5%

Bachelor's+50.8%

Housing tenure

66.3%

33.7%

Owner66.3%

Renter33.7%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How ZIP 98506 in Olympia, WA has changed in 5 years

Income

$79,833 → $91,596

up 14.7%

Population

18,232 → 18,497

up 1.5%

Renter share

31.6% → 33.7%

+2.1 pts

Bachelor's+

49.9% → 50.8%

+0.9 pts

Median age

47.7 → 48.4

+0.7 yrs

Household income in the area moved from $79,833 to $91,596 across the same window, up 14.7% versus 2021. Census counts show ZIP 98506 in Olympia, WA adding about 265 residents over the five-year window, up 1.5% on net. The renter share has risen from 31.6% to 33.7%, with owner-occupied housing accounting for the remainder.

Community

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Local insights

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About renting in ZIP 98506

Last updated: October 17, 2026

ZIP code 98506 covers Olympia, WA. The median rent here is $2,038/mo as of October 2026. A 1-bedroom rents for a median of $1,580/mo. A 2-bedroom rents for a median of $1,840/mo.

At 27% of local median household income ($91,596/yr), ZIP 98506 ranks as affordable compared to the national benchmark of 30%. Rents have increased 1.8% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 98506?

To keep rent at or below 30% of gross income, you would need to earn at least $82,000/year (about $39/hour full-time) to afford the median rent of $2,038/mo in ZIP 98506. The local median household income is $91,596/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 98506?

Rent in ZIP 98506 has risen 1.8% over the past year.

How does ZIP 98506 compare to other ZIPs in Washington?

ZIP 98506 is in the middle among Washington ZIP codes for rent, ranking #101 of 207 at $2,038/mo. Over the year to September 2026, rent in ZIP 98506 changed +1.8%, against a typical +2.5% across the 193 Washington ZIP codes Zillow tracks.