The typical owner-occupied home in Callaway is worth about $87,500, 73% below the Minnesota median of $329,300 and 74% below the national median of $332,700. Owners pay a median $714 a year in property taxes, about 0.82% of their home's value, lower than the Minnesota rate of 1.02%. The median household earns $53,125 a year, so the median home costs 1.6 times the median income (3.7 times for Minnesota). 76% of occupied homes here are lived in by their owners, and 54% of those owners still have a mortgage.
Callaway at a glance
| Callaway | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $87,500 | $329,300 | $332,700 |
| Median property tax paid per year | $714 | $3,357 | $3,119 |
| Property tax as a share of value | 0.82% | 1.02% | 0.94% |
| Median household income | $53,125 | $89,062 | $80,734 |
| Homes lived in by their owners | 76% | 72% | 65% |
| Owner homes with a mortgage | 54% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,159 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 23.8% | 19.7% | 21.0% |
| Median rent | $913 | $1,280 | $1,413 |
| Rent as a share of renters' income | 20.6% | 29.2% | 30.6% |
| Median year homes were built | 1963 | 1979 | 1980 |
| Vacant homes | 5.4% | 9.3% | 10.1% |
| Population | 224 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Callaway
At this week's average 30-year rate of 7.11%, buying the median Callaway home of $87,500 with 20% down costs about $567 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $713, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $24,306 for the 20%-down payment. That payment is 13% of the median Callaway household income of $53,125; at that income and 20% down, the 28% guideline points to a home of about $191,000.
The median rent here is $913 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $17,500 |
|---|---|
| Loan amount | $70,000 |
| Principal and interest | $471 |
| Property taxes (0.82% a year) | $60 |
| Homeowners insurance (our estimate, 0.5% a year) | $36 |
| PMI | $0 |
| Total per month | $567 |
Change the numbers in the calculator
| Down payment | $3,062 |
|---|---|
| Loan amount | $85,915 |
| Principal and interest | $578 |
| Property taxes (0.82% a year) | $60 |
| Homeowners insurance (our estimate, 0.5% a year) | $36 |
| FHA mortgage insurance | $39 |
| Total per month | $713 |
Change the numbers in the calculator
Questions about home buying in Callaway
What is the median home value in Callaway?
About $87,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Callaway?
Homeowners pay a median $714 a year, which is about 0.82% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Callaway?
For the median home with 20% down at 7.11%, the payment is about $567 a month. Keeping that under 28% of gross income takes about $24,306 a year.
More about Callaway
- Mortgage Refinance in Callaway
- Debt Relief in Callaway
- Home Equity Loans in Callaway
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data