Callaway, FL housing market
Typical home value
$260K
▲ 0.8% 1 yr
Typical rent
$1,907/mo
▲ 2.0% 1 yr
Gross rent yield
8.8%
U.S. 6.3%
5-year home value change
+19%
U.S. +20%
Key takeaways
- 1The typical home in Callaway is worth $259,578, up 0.8% over the past year and up 19% over five years.
- 2Typical rent is $1,907 a month (+2.0% YoY), a gross rent yield of 8.8% (above the Panama City, FL metro's 6.1%).
- 3With 20% down at 7.32%, principal and interest on the typical home is about $1,426/mo, $481 less than typical rent.
- 4Zillow forecasts the Panama City, FL metro's home values to change −0.3% over the next 12 months.
Market temperature (Panama City, FL metro)
Buyer's market
Buyer'sNeutralSeller's
Zillow Market Heat Index: 30/100, #440 hottest of 546 metros. Below 44 favors buyers; above 55 favors sellers.
Home values and rent
Source: Zillow Research (ZHVI, ZORI and market activity data).
How Callaway compares
| Measure | Callaway | Panama City, FL metro | United States |
|---|---|---|---|
| Typical home value | $259,578 | $342,980 | $366,157 |
| Home value, 1-yr change | +0.8% | +0.0% | +1.2% |
| Typical rent | $1,907 | $1,735 | $1,932 |
| Rent, 1-yr change | +2.0% | +1.6% | +2.7% |
| Gross rent yield | 8.8% | 6.1% | 6.3% |
| Price-to-rent ratio | 11.3 | 16.5 | 15.8 |
| Mortgage P&I, typical home | $1,426 | $1,885 | $2,012 |
Run the numbers
Rental property calculator
Cash flow on a typical Callaway rental, pre-filled.
Rent vs buy in Callaway
Which costs less over the years you'll stay.
Mortgage calculator
Monthly payment on a $260K home.
Landlord in Florida? See Florida deposit, late fee and notice rules.
Other cities in the Panama City, FL metro
Panama City, FL
$282K home$1,655 rent
▲ 1.1% 1 yr
Panama City Beach, FL
$415K home$1,759 rent
▼ 0.7% 1 yr
Lynn Haven, FL
$322K home$1,857 rent
▼ 0.3% 1 yr
Parker, FL
$238K home$1,726 rent
▲ 3.5% 1 yr
City figures are Zillow's typical home value (ZHVI) and observed rent (ZORI). Gross yield is before expenses. Data refreshed Oct 26, 2026.