How much is a home worth in ZIP code 98031?

The typical home in 98031 is worth $680,519, based on the Zillow Home Value Index.

Are home values rising in 98031?

Home values in 98031 are down 2.6% over the past year, and up 3.7% a year over five years.

What is the typical rent in 98031?

A typical home in 98031 rents for about $2,089 a month, a gross rental yield of 3.7%.

What is the property tax rate in 98031?

The effective property tax rate in 98031 is 0.9% — roughly $5,792 a year on a typical home.

ZIP code 98031 has a population of 40,094 and a median household income of $105,965.

HousingHandbookReference data

…

U.S. ZIP Code · WA98031

King County · Seattle-Tacoma-Bellevue, WA

Typical home value

$680,519^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: -2.6%
5-year / yr: +3.7%
10-year / yr: +7.1%

Relative price

vs U.S.: +139.6%
vs metro: ≈ metro median
vs state: +35.2%

Price history

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

The typical home in 98031 is worth $680,519. Over the past year, values have fallen 2.6%. Homes here rent for a typical $2,089 a month — a 3.7% gross rental yield. The effective property tax rate is 0.9%.

#Rent & investment

Typical asking rent, and the returns it implies at the current home value.

Monthly rent: $2,089^[2]
Gross yield: 3.7%^[2]
Cap rate: 2.2%^[2]

#Property tax

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

Effective tax rate: 0.9%^[3]
Typical annual tax: $5,792^[3]

#Climate risk

FEMA National Risk Index ratings for King County. "Not Applicable" means the hazard does not threaten the county.

Overall risk: Very High^[4]
Riverine flood: Very High
Coastal flood: Relatively Moderate
Wildfire: Relatively Low
Drought: Very Low
Heat wave: Relatively High
Hurricane: Not Applicable
Tornado: Relatively Moderate
Earthquake: Very High
Winter weather: Relatively High

#Who lives here

Population: 40,094^[3]
Median household income: $105,965^[3]

#Migration

Household moves in and out of King County over a year, from IRS tax-return data.

Net migration: -1,324^[5]
Moved in: 67,282
Moved out: 68,606

Schools

Open public schools in this ZIP, from the NCES Common Core of Data.

Public schools: 11
Elementary: 7
Middle: 2
High: 1

Kentridge High School
High · Grades 9–12 · Kent School District
2,124 students
Evergreen Middle School
Middle · Grades 6–8 · Federal Way School District
737 students
Meridian Middle School
Middle · Grades 6–8 · Kent School District
656 students
Park Orchard Elementary School
Elementary · Grades PK–5 · Kent School District
492 students
Panther Lake Elementary School
Elementary · Grades PK–5 · Kent School District
433 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 yield3.7%

Net yield (after ~40% expenses)2.2%

Annual rent$25,063

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$3,441

Loan principal$544,415

Down payment$136,104

Total interest paid$694,372

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 ratio2.15

Monthly cost to own$4,490

Monthly rent$2,089

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: 52nd percentile^[1]
Rental yield: 54th percentile^[2]
Property tax: 72nd percentile^[3]

Frequently asked

How much is a home worth in ZIP code 98031?: The typical home in 98031 is worth $680,519, based on the Zillow Home Value Index.
Are home values rising in 98031?: Home values in 98031 are down 2.6% over the past year, and up 3.7% a year over five years.
What is the typical rent in 98031?: A typical home in 98031 rents for about $2,089 a month, a gross rental yield of 3.7%.
What is the property tax rate in 98031?: The effective property tax rate in 98031 is 0.9% — roughly $5,792 a year on a typical home.
Who lives in 98031?: ZIP code 98031 has a population of 40,094 and a median household income of $105,965.

#Comparable ZIPs

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

98092 vs 98031 →
Auburn, WA
Typical home
$682,285
Gross yield
3.5%
98422 vs 98031 →
Tacoma, WA
Typical home
$683,201
Gross yield
3.9%
98106
Seattle, WA
Typical home
$676,373
Gross yield
4.1%
98022
Enumclaw, WA
Typical home
$684,861
Gross yield
3.9%
98467
University Place, WA
Typical home
$685,961
Gross yield
3.2%
98391
Lake Tapps CDP, WA
Typical home
$686,166
Gross yield
5.0%

Want similar ZIPs from outside this metro? Browse nationally similar ZIPs →

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Pit ZIP 98031 against any other ZIP — full side-by-side table.

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#Jump to section

U.S. ZIP Code · WA98031

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