Callaway, Florida.
Typical home $259,578 (+0.8% in a year), asking rent $1,907 (+2.0%). Panama City, FL metro.
to buy the typical home at today's mortgage rate — +$756 (+125%) since Jan 2020.
- 1 year
- Up $2,030 +1%
- $257,548$259,578 since Sep 2025
- 5 years
- Up $41,768 +19%
- $217,810$259,578 since Sep 2021
Monthly payment to buy the typical home
Home value × that month's 30-year mortgage rate, 20% down, principal and interest. This is the line households feel: prices and rates compound each other.
- Callaway$1,362
- Florida$1,970
- United States$1,922
At the last five years' pace, a typical home here doubles in price every 20 years.
Typical home values in Callaway, FL rose 0.8% over the past year — slower than the nation's +1.2%.
Asking rents in Callaway, FL rose 2.0% over the past year — slower than the nation's +2.7%.
Owning the typical home in Callaway runs $141/mo less than renting one. The gap peaked at $434 in Feb 2022.
That is $1,766 a month against $1,907 rent: a $1,362 mortgage payment, plus $126 property tax and $278 insurance & upkeep.
Owning vs renting — Callaway
The owning line is the typical home's monthly payment at that month's rate, plus property tax and insurance & upkeep; the renting line is the typical asking rent; the grey line is the mortgage payment on its own. Same homes, same months, both ways of paying for a roof.
- Owning all in$1,766
- Renting$1,907
- Mortgage only$1,362
Property tax · $126/mo 0.58% of value a year — the ACS 2020-2024 median bill over the median home value for Bay County, FL
Insurance & upkeep · $278/mo insurance, maintenance and repairs together, from the BLS Consumer Expenditure Survey — the national figure for mortgaged homeowners, scaled to this market's home value. BLS publishes the three bundled and they cannot be split.
Both are priced off the same month's home value, so they rise with the market. Neither is a quote — a specific home's bill depends on its assessment, its age and its insurer.
Living in Callaway, Bay County, Florida
Callaway is a city of 13,045 people in Bay County. Half its households earn more than $65,609 a year and half less, against $73,533 across Bay County; 10% of its people live below the poverty line. 59% of its homes are lived in by their owners and 41% are rented. Unemployment in Bay County was 4.4% in August 2026, and the county had 0.7% more jobs in 2025 than the year before. The most residents work in schools and health care, then shops.
Written by AI Claude Sonnet 5.5 wrote this on 23 October 2026 from the figures here, a list of nearby places and what it knows. It can be wrong or out of date.
What it’s like
The place. Callaway is a city in Bay County, on the Florida Panhandle. Residents are somewhat younger than in many American towns, and incomes run below the county's. Most homes are lived in by their owners, though renting is common too, and a typical monthly rent sits high compared with what many would expect for a place this size. Winters are mild, with January the coolest month and highs that stay comfortable, while July brings hot days.
Work. Residents most often work in schools, hospitals and social care, in shops, in professional and business services, and in restaurants, hotels and entertainment. Across Bay County, some of the largest workplaces are BAY Schools, HCA Florida Gulf Coast Hospital and Eastern Shipbuilding Group Nelson. Most people travel to a workplace outside the home, and the commute is a fairly ordinary one.
Things to do. St. Andrews State Park is the best known of the nearby places, a protected coastal area a longer drive away. Miracle Strip Amusement Park, also a longer drive away, suits an outing with younger relatives, and Econfina Creek is a river for anyone who prefers a quieter day outdoors.
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- 5,486households
- 25%of adults have a degree
- 10%below the poverty line
- 24 mintypical commute
- 7%work from home
What residents work in
Employed residents by industry, from the Census survey. Bay County had 83,251 jobs in 2025, 0.7% more than the year before (Bureau of Labor Statistics).
Weather through the year
Coldest in January, with highs near 63° and lows near 45°; warmest in July, with highs near 90° and lows near 76°.
Average daily high and low, 1991–2020, at the Panama City Bay County Airport weather station, 10 miles away (NOAA).
Largest employers in Callaway
- Walmart Super Center343
- City of Callaway85
- Emerald Shores Health Care75
- McDonald's (Tyndall Pkwy)60
- Chik Fil A60
- BCL Civil Contractors, Inc.50
- Slim Chickens50
- Whataburger Restaurant45
From the City of Callaway’s annual financial report for 2025, its schedule of principal employers (its source: “As reported to City on Business License Tax Applications”), as Florida’s Auditor General publishes it: the report. Employees as the report counts them.
Natural hazards
- HurricanesVery high
- LightningVery high
- TornadoesRelatively high
- Cold wavesRelatively moderate
- Heat wavesRelatively moderate
FEMA’s National Risk Index (December 2025) rates the risk each natural hazard poses to the people, buildings and farms in Callaway’s census tracts, against the rest of the country; all of them together, relatively moderate. It is meant for planning, not a substitute for a local risk assessment or a flood map: FEMA’s index.
From the U.S. Census Bureau’s 2020 census and its American Community Survey (2020–2024 five-year estimates), and the Bureau of Labor Statistics. A survey, so each figure has a margin of error, and figures it is not sure of are left out. More on Bay County and the Panama City, FL metro.
Callaway home values
Zillow measures a city over its municipal boundary. Against the state and national figures, mid-tier homes, smoothed and seasonally adjusted.
- Callaway$259,578
- Florida$375,361
- United States$366,157
Sellers are cutting prices on about 1 in 3 Callaway listings — the market is roughly in balance.
When this market ran hot
Each cell is that month's year-on-year home-value growth. Read left to right, top row is the latest year — the 2021–22 band is the boom.
Market heat, inside the city limits
Share of listings with a price cut
The early-warning dial: sellers cut when buyers stop reaching. Rising cuts cool a market months before prices notice.
- Callaway29.18%
- United States26.90%
Homes for sale
Active for-sale inventory. More supply hands power to buyers.
- Callaway127
New listings per month
Sellers arriving at the market.
- Callaway25
Median sale price
What buyers actually paid — closed sales, not asking prices.
Not enough data to draw this yet.
Zip codes with a Callaway address
A different geography, not a breakdown. The figure above covers the municipality; these zips cover everywhere the Post Office calls Callaway — often including townships beyond the city limits. Both come straight from Zillow, and they are not expected to average out.
Zillow publishes no zip-level series with this city on the address.