In Callaway, a typical home is worth $250,300 and typical rent is $1,322 a month. Compared with all of Bay County, the typical home value is 19% lower, typical rent is 11% lower, and the share of households that own their home is 8 points lower.
Typical home value from Zillow, September 2021 to September 2026: from $217,810 to $259,578.
Typical rent
$1,907a month
▲ 2% more than 12 months ago
Typical rent from Zillow, March 2022 to September 2026: from $1,679 to $1,907.
From Zillow (ZHVI/ZORI), September 2026. The Census figures above are 5-year averages (2020–2024).
Callaway is in Bay County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Bay County. See the county
What this place has that others do not, from public data, most unusual first.
1
Nearby, in Springfield, the typical home value is $188,600: 25% less than in Callaway ($250,300).
2
The typical home in Callaway is worth $250,300,19% less than in Bay County as a whole ($310,500).
3
59% of households in Callaway own their home, against 67% in Bay County.
Sources: U.S. Census Bureau (Average 2020–2024).
The homes here
Housing in Callaway
What homes there are in Callaway, what they cost, how that changed and how people live, from Census figures (2020–2024).
What homes there are
U.S. Census Bureau, ACS 5-year, 2020–2024
Kind of home
Detached houseAttached houseBuilding of 2 to 4Apartments (5 or more)Mobile homeBoat, RV and otherUnreliable estimate
Callaway
Bay County
Florida
United States
Kind of home: Callaway and its comparisons
Measure
Callaway
Bay County
Florida
United States
Detached house
60%
51%
55%
61%
Attached house
5%
5%
7%
6%
Building of 2 to 4
16%
7%
6%
8%
Apartments (5 or more)
Unreliable estimate
27%
25%
19%
Mobile home
10%
10%
8%
6%
Boat, RV and other
Unreliable estimate
Unreliable estimate
0%
0%
Detached houses, standing on their own, make up 60% of homes here, against 51% in Bay County.
Year built
Before 19601960–19791980–19992000–20092010 or laterUnreliable estimate
Callaway
Bay County
Florida
United States
Year built: Callaway and its comparisons
Measure
Callaway
Bay County
Florida
United States
Before 1960
Unreliable estimate
9%
10%
26%
1960–1979
21%
16%
24%
24%
1980–1999
45%
36%
34%
25%
2000–2009
15%
23%
18%
14%
2010 or later
17%
17%
14%
11%
The typical year built in Callaway is 1991, about the same as in Bay County (1993).
There is more room for a big family here: 69% of homes have 3 bedrooms or more, against 58% in Bay County.
What it costs here
U.S. Census Bureau, ACS 5-year, 2020–2024
Value of owner-occupied homes
Under the limitOver the limitUnreliable estimate
Under $100K8%
$100K–$200K26%
$200K–$300K33%
$300K–$500K29%
$500K–$750KUnreliable
FHA limit: $541,287
$750K–$1MUnreliable
$1M or moreUnreliable
Value of owner-occupied homes: Callaway and its comparisons
Measure
Callaway
Under $100K
8%
$100K–$200K
26%
$200K–$300K
33%
$300K–$500K
29%
$500K–$750K
Unreliable estimate
$750K–$1M
Unreliable estimate
$1M or more
Unreliable
At least 97% of owner-occupied homes in Callaway are worth less than $500,000, below the FHA loan limit for Bay County ($541,287).
Monthly rent with utilities
Unreliable estimate
Under $500Unreliable
$500–$999Unreliable
$1,000–$1,49967%
$1,500–$1,999Unreliable
$2,000–$2,49911%
$2,500–$2,999Unreliable
$3,000 or moreUnreliable
Monthly rent with utilities: Callaway and its comparisons
Measure
Callaway
Under $500
Unreliable
$500–$999
Unreliable estimate
$1,000–$1,499
67%
$1,500–$1,999
Unreliable estimate
$2,000–$2,499
11%
$2,500–$2,999
Unreliable estimate
$3,000 or more
Unreliable estimate
With a mortgage
$1,596 a month
Bay County: $1,778 a month
Without a mortgage
$561 a month
Bay County: $555 a month
Owners with a mortgage
57%
Bay County: 57%
In Callaway, 57% of owners have a mortgage, and their typical cost is $1,596 a month, against $1,778 in Bay County. Without one it drops to $561.
How it changed
U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024
Change since 2015–2019
Typical home value
Callaway+69%
Bay County+74%
Florida+67%
United States+53%
Typical rent
Callaway+37%
Bay County+42%
Florida+42%
United States+33%
Typical household income
Callaway+30%
Bay County+35%
Florida+34%
United States+29%
Change since 2015–2019: Callaway and its comparisons
Measure
Callaway
Bay County
Florida
United States
Typical home value
+69%
+74%
+67%
+53%
Typical rent
+37%
+42%
+42%
+33%
Typical household income
+30%
+35%
+34%
+29%
Homes in Callaway gained value more slowly than in Bay County: 69% since 2015–2019, against 74%.
Rents in Callaway rose more slowly than in Bay County: 37% since 2015–2019, against 42%.
The typical household income in Callaway rose 30%: less than home values (+69%) and rent (+37%).
How people live
U.S. Census Bureau, ACS 5-year, 2020–2024
How people live: Callaway and its comparisons
Measure
Callaway
Bay County
Florida
United States
Rental vacancy
Unreliable estimate
11.7%
7.6%
5.5%
Homeowner vacancy
Unreliable estimate
1.5%
1.4%
0.9%
More than one person per room
3.3%
3.0%
3.3%
3.4%
People per household
2.45
2.33
2.51
2.53
Drive alone
80%
75%
70%
69%
Carpool
11%
12%
9%
9%
Public transit
Unreliable estimate
Unreliable estimate
1%
3%
Walk or bike
Unreliable estimate
2%
2%
3%
Work from home
7%
10%
16%
15%
Other means
Unreliable estimate
1%
2%
2%
Typical commute
20 to 29 minutes
Unreliable estimate
20 to 29 minutes
20 to 29 minutes
More than one person per room: that is how 3.3% of households in Callaway live, near the figure in Bay County (3.0%).
More people live in each home here: 2.45 on average, against 2.33 in Bay County.
In Callaway, 80% of workers drive alone to work; in Bay County, 75%.
Do the math
What would you pay each month for a home in Callaway?
A typical home costs more than the typical income allows
We start with a typical home in Callaway, worth $250,300, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 36% of the typical household income in Callaway, which is $65,609 a year. For that payment to be 28% of income, a household would need to earn about $85,037 a year.
The calculator's FHA and conventional loan limits are those of all of Bay County.
Change the price, the down payment or the loan: the payment updates right away.
Your numbers
Local data
$
Starts at the typical home value in Callaway. Change it to the price you have in mind.
Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.
Down payment
%
That is $8,761 (3.5% of the price). The usual minimum for this loan is 3.5%.
This week's average ± a quarter or half point.
National average as of November 5, 2026 (Freddie Mac); your rate may be different.
Adjust advanced details⌄
Estimated monthly payment
Local data
$1,984
at 7.18% · 30 years
Loan amount
$245,766
Total interest
$353,600
Paid off in
November 2056
Includes $4,227 FHA upfront mortgage insurance premium.
Does it fit the income?
Comfortable
up to $1,531 a month
Tight
$1,531 to $1,968 a month
Hard
more than $1,968 a month
Your payment · 36%
Compared with the typical household income in Callaway ($65,609 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.
Monthly payment breakdown
Principal & interest
$1,665
Property tax
$104
Home insurance
$104
FHA mortgage insurance (MIP)
$111
You need at least $8,761 for the down payment, plus closing costs.
This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.
Total monthly payment $1,984; principal and interest $1,665.
The city and its county
Callaway and Bay County
Callaway is in Bay County, Florida. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).
Callaway
Map of Bay County, Florida, with Callaway marked. Around it, the neighboring counties.
Callaway
Bay County
Other cities with a page
Callaway's own numbers
Typical home value
$250,300
Typical monthly rent
$1,322
Typical yearly household income
$65,609
Households that own their home
59%
Effective property tax rate
0.5%
U.S. Census Bureau, American Community Survey (average 2020–2024).
Numbers for all of Bay County
FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,651
Price change over 5 years (FHFA)
+48%
Homes in a high flood-risk zone
13%
HUD, FHFA and FEMA don't publish these numbers by city.
Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Bay County.
A typical home in Callaway is worth $250,300: 19% below the county and 30% below Florida. With the typical household income in Callaway ($65,609 a year), a typical home costs 3.8 times what the household earns in a year.
Years of income to pay for a typical home
The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.
Callaway3.8 years
Bay4.2 years
Florida4.8 years
United States4.1 years
Source: U.S. Census Bureau, Average 2020–2024
How prices have changed in Bay County
According to FHFA’s house price index, home prices in Bay County rose 109% in the 10 years through 2025.
FHFA does not publish this index by city: these are the numbers for all of Bay County.
Yearly change in FHFA’s price index in Bay County, 2016 to 2025
2016: +7.0% +7.0% 2016
2017: +3.7% +3.7% 2017
2018: +10.2% +10.2% 2018
2019: +8.3% +8.3% 2019
2020: +6.2% +6.2% 2020
2021: +11.4% +11.4% 2021
2022: +21.0% +21.0% 2022
2023: +8.1% +8.1% 2023
2024: −0.6% −0.6% 2024
2025: +2.4% +2.4% 2025
Change in FHFA’s price index in Bay County, Florida and the United States
Period
County
Florida
U.S.
Last year (2025)
+2.4%
−0.5%
+2.9%
5 years (2020–2025)
+48%
+60%
+47%
10 years (2015–2025)
+109%
+127%
+85%
The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data
Callaway next to Bay County, Florida and the U.S.
Three numbers side by side. “Typical” means the median: half are above it and half below.
Typical home value
Callaway$250,300
Bay$310,500
Florida$359,000
United States$332,700
Typical monthly rent
Callaway$1,322
Bay$1,484
Florida$1,669
United States$1,413
Typical yearly household income
Callaway$65,609
Bay$73,533
Florida$74,568
United States$80,734
See the full table
Callaway next to Bay County and Florida
Measure
Callaway
Bay County
Florida
U.S.
Typical home value
$250,300 ▼19% below the county
$310,500
$359,000
$332,700
Typical monthly rent
$1,322 ▼11% below the county
$1,484
$1,669
$1,413
Typical yearly household income
$65,609 ▼11% below the county
$73,533
$74,568
$80,734
Households that own their home
59% ▼8 points below the county
67%
68%
65%
Typical yearly property tax
$1,250 ▼31% below the county
$1,807
$2,730
$3,119
Effective property tax rate
0.5% ▼0.08 points below the county
0.58%
0.76%
0.94%
Renters with high rent for their income
60%
60%
60%
51%
“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Bay County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.
Four ways to pay for a typical home in Callaway
For a typical $250,300 home in Callaway, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Callaway's typical property tax, an example home insurance and mortgage insurance when it applies.
FHA, 3.5% down$1,984a month
Least cash to close
Down payment
$8,761
Cash to close
$16,270
Rate
7.18%
Mortgage insurance
FHA MIP · $111
Conventional, 5% down$1,938a month
Down payment
$12,515
Cash to close
$20,024
Rate
7.18%
Mortgage insurance
PMI · $119
Conventional, 20% down, no PMI$1,565a month
Down payment
$50,060
Cash to close
$57,569
Rate
7.18%
Mortgage insurance
None
ITIN, 15% down (example)$1,796a month
Down payment
$37,545
Cash to close
$45,054
Rate
8.18%
Mortgage insurance
None
Four ways to pay for a typical home in Callaway
Loan
Monthly payment
Down payment
Loan amount
Rate
Mortgage insurance
Cash to close
Minimum score
FHA, 3.5% down Least cash to close
$1,984
$8,761
$245,766
7.18%
FHA MIP · $111
$16,270
580
Conventional, 5% down
$1,938
$12,515
$237,785
7.18%
PMI · $119
$20,024
620*
Conventional, 20% down, no PMI
$1,565
$50,060
$200,240
7.18%
None
$57,569
620*
ITIN, 15% down (example)
$1,796
$37,545
$212,755
8.18%
None
$45,054
Set by the lender
The option that asks for the least cash to close is FHA, 3.5% down.
Cash to close = down payment plus 3% of the price in closing costs (example).
Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.
Typical rent in Callaway is $1,322 a month: 11% below the county. In Callaway, 60% of renter households pay 30% or more of their income in rent.
HUD publishes a fair market rent for all of Bay County, by unit size. To pay the 2-bedroom one ($1,651 a month) without spending more than 30% of your income, you would need to earn $31.75 an hour working full time.
What you need to earn to pay it without spending more than 30% of income, working full time.
HUD fair market rent in Bay County (Fiscal year 2027)
Size
Fair rent a month
Hourly wage
Yearly income
Studio
$1,414
$27.19
$56,560
1 bedroom
$1,517
$29.17
$60,680
2 bedrooms
$1,651
$31.75
$66,040
3 bedrooms
$2,101
$40.40
$84,040
4 bedrooms
$2,567
$49.37
$102,680
Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027
By ZIP code
Fair market rent by ZIP code in Callaway
HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Callaway is in ZIP code 32404.
For 2 bedrooms it is $1,570: $81 less than the fair market rent for Bay County ($1,651).
Fair market rent by ZIP code and size in Callaway, fiscal year 2027.
ZIP code
Studio
1 bd
2 bd
3 bd
4 bd
32404
$1,340
$1,440
$1,570
$2,000
$2,440
ZIP code2 bd3 bd
32404 $1,570$2,000
1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Callaway when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD)Fiscal year 2027Small Area Fair Market Rents (HUD) (external site)Source: Census Bureau ZCTA-to-place relationship fileData from 2020 dataCensus Bureau ZCTA-to-place relationship file (external site)
You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.
There is 1 HUD-approved agency with an office in Bay County; none says it serves in Spanish.
No down payment, repair or rent-help program on our list is for Callaway or Bay County. The ones below are statewide in Florida: they work in Callaway the same as in the rest of the state.
Florida Housing second loan with no interest and no monthly payments, repaid when you sell or refinance.Offered by Florida Housing Finance Corporation.
No legal help resource on our list is for Callaway or Bay County in particular.
If you have a problem with your landlord, an eviction notice or a scam, the Legal Services Corporation (LSC) search shows the free legal aid offices that serve your area.
Short answers with the numbers for Callaway and all of Bay County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.
How much does a typical home cost in Callaway?
The typical home value in Callaway is $250,300, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Bay County it is $310,500.
How much does it cost to rent in Callaway?
Typical rent in Callaway is $1,322 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Bay County is $1,651.
What is the FHA loan limit in Callaway?
Callaway uses the FHA limit for all of Bay County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.
How much property tax do owners pay in Callaway?
The typical homeowner in Callaway pays $1,250 a year, according to the U.S. Census Bureau. That is 0.5% of the home’s value; in Bay County, the rate is 0.58%.
Where can I find free help to buy or rent in Callaway?
There is 1 HUD-approved counseling agency with an office in Bay County. They can help you get ready to buy, with your credit, or with rent.
