Bay County · Panama City · population 14,138
Where Callaway stands
Population growing 2.0% per year.
Home value trajectory · last 10 years
Zillow ZHVI · monthlyLifestyle scores
Scores are heuristic estimates from population density, state, and known transit/walkable cities. Not based on a paid Walk Score / Transit Score API — see methodology for the formula.
Rent trajectory · last 5 years
Zillow ZORI · monthlyHome value vs rent · indexed to 100
Both rebased at first month of ZORI data (~2015)Rent vs buy
At a 12.7 price-to-rent ratio, buying generally beats renting in Callaway on a long-enough horizon. The headline math is that one year of mortgage payments approximates 12.7 years of rent — well below the 15+ threshold where ownership starts to dominate.
How the momentum score breaks down
methodology →Callaway has held up across the cycle: home values at $263,579 with +4.6% 5-year CAGR. The bull case is structural — population, location, employer base — and holds even if next year's print is soft.
Callaway is in a state where home insurance costs have doubled, climate risk repricing is still in progress, and the buyer pool is constrained by both. The bear case writes itself and is currently winning.
About Callaway
Callaway is a city in Bay County, Florida, with an estimated population of 14,138. It anchors the Panama City metro area. The population has grown 2.0% per year on average between 2020 and 2024 — among the faster-growing communities in the state. The median home value in Callaway is $263,579 as of 2026-04, down 0.4% over the last 12 months. Over the last five years, home values have averaged +4.6% annual growth (-2.3% from the 5-year peak). Rents in Callaway average $1,725 per month, roughly flat year-over-year (+1.4%). The composite momentum score is 64 of 100 (Rising). The market is healthy with prices supported by underlying demand.
▲ Bull case
▼ Bear case
Playbook
You're not in a frenzy but you're not getting bargains either. Make a competitive offer with normal inspection terms. Don't lowball — the listing will move with or without you.
Price at fair market value; expect movement in 30-45 days. Don't get clever with terms (rent-back, contingencies) — buyers in a Rising market have options.
Appreciation tailwind exists but cash flow requires discipline on price. Run the numbers conservatively and confirm rent comps before committing.
Local safety & alerts
No active National Weather Service alerts for Bay County right now.
Public-safety links are official .gov sources, not curated by us. Bay County routes NWS alerts; check the state EM portal for non-weather emergencies.
Cities like Callaway
Run the numbers for Callaway
Sources: Zillow ZHVI (home values), Zillow ZORI (rents), US Census ACS + place population. Updated when source agencies publish revisions.
Climate & natural-disaster risk
State-level averages from NOAA Climate Normals (1991-2020) and FEMA National Risk Index. City-level conditions can vary significantly within a state.
Current weather
Find rentals & listings
Open current Callaway listings on the major real-estate sites.
Links open the live search on the destination site — results are always current.
Local sports teams
Major professional teams the Panama City area cheers for. Detailed stats, schedules, and player pages on intherafters.com.
Local economy & environment
Humidity is annual average relative humidity (NOAA). Income is Census ACS 5-year estimate. Industries are largest employment sectors statewide (BLS); the local mix in a given city may vary.
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