Zip code 98031 in Kent, Washington, contains 317 units of Low-Income Housing Tax Credit (LIHTC) funded affordable housing, with 314 designated as low-income units. This represents approximately 2% of the estimated housing stock, based on the 2022 population of 41,338 and an estimated 15,838 housing units. The LIHTC projects in this zip code have received $1,098,879 in project tax credits, averaging $3,467 per unit. This funding constitutes 0.12% of Washington state's total LIHTC allocation.

Affordable housing has been present in zip code 98031 for over two decades. The initial LIHTC project, Silver Springs Apartments, was completed in 2001, while the most recent, Homestead North + South, was finished in 2018. The 2010s saw the most recent development activity in affordable housing for this area. The affordable housing inventory in 98031 consists of 12 efficiencies, 65 one-bedroom units, 175 two-bedroom units, and 65 three-bedroom units, indicating a focus on accommodating various household sizes.

The zip code has experienced population growth over the past decade, increasing from 38,111 in 2013 to 41,338 in 2022. Median income has also risen from $75,460 in 2013 to $86,882 in 2022. This income growth may have influenced the need for affordable housing in the area. The racial composition of zip code 98031 has become more diverse over time. The Asian population increased from 22% in 2013 to 27% in 2022, while the white population decreased from 45% to 36%. The Black and Hispanic populations have remained relatively stable at around 12-14% each.