ZIP 98516 - 860Z200US98516 — Demographic Snapshot (2023)

Overview

If you’re considering a move, investment, or business opportunity in ZIP 98516, located in the Olympia-Lacey area of Washington, this demographic and housing snapshot offers a clear picture of the community in 2023. With a population of over 28,000 and a robust housing market, this area presents unique opportunities for homebuyers, real estate investors, small-business owners, and analysts. Let’s break down the key metrics to help you understand what makes ZIP 98516 stand out.

Population & Households

ZIP 98516 is home to 28,286 residents, making it a moderately sized community with a mix of urban and suburban vibes. These individuals are spread across 11,104 households, reflecting a strong base of families, professionals, and retirees. With 11,600 total housing units in the area, there’s a slight surplus of homes compared to households, which could indicate availability for new residents or investors looking to enter the market.

Income & Housing Costs

The median household income in ZIP 98516 is $92,191, signaling a relatively affluent community with solid earning potential. This income level supports a strong housing market, where the median home value stands at $528,000. For those considering renting, the median rent is $1,948 per month, which aligns with the area’s higher cost of living but offers access to quality amenities and proximity to Olympia’s economic hubs. These figures suggest that ZIP 98516 is a market for buyers and renters with above-average financial capacity.

Race & Ethnicity

The demographic makeup of ZIP 98516 reflects a diverse yet predominantly white community. Approximately 62.4% of residents identify as white, while 11.38% are Asian, 10.33% are Hispanic, and 4.37% are Black. This diversity contributes to a culturally rich environment, which can be a draw for families seeking inclusive neighborhoods and businesses aiming to serve a varied customer base. Understanding this composition can help stakeholders tailor their strategies to the community’s unique needs.

Key Facts

• Total population: 28,286 residents in 2023, offering a sizable market for businesses and services.
• Total households: 11,104, indicating a strong residential base for community engagement.
• Total housing units: 11,600, suggesting potential availability for new buyers or renters.
• Median household income: $92,191, reflecting a financially stable population.
• Median home value: $528,000, positioning ZIP 98516 as a premium housing market.
• Median rent: $1,948, indicative of a competitive rental landscape.
• Racial diversity: 62.4% white, 11.38% Asian, 10.33% Hispanic, and 4.37% Black, showcasing a multicultural community.

What This Means for You

For homebuyers, ZIP 98516 offers a stable, affluent community with homes valued at a median of $528,000. The slight surplus of housing units (11,600 vs. 11,104 households) may provide some negotiation room, though the higher price point requires financial readiness. The area’s diversity and proximity to Olympia make it ideal for families and professionals seeking a vibrant yet suburban lifestyle.

For investors and real estate agents, the median income of $92,191 and home values suggest a market with strong demand and potential for appreciation. The rental market, with a median rent of $1,948, also indicates opportunities for buy-to-rent strategies, especially given the area’s growing population of 28,286.

For small-business owners, the diverse demographic profile and solid household income levels point to a customer base with disposable income. Whether you’re opening a retail store, restaurant, or service-based business, tailoring offerings to a multicultural audience of over 28,000 can drive success.

For analysts, these metrics provide a foundation for deeper market studies, from housing trends to consumer behavior in ZIP 98516. The balance of population size, income, and diversity offers a compelling case for further research.

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