Lakewood is an unincorporated community in Walton County, Florida, United States, located in the Florida panhandle. Lakewood is on the Florida/Alabama border near Florida's highest point, Britton Hill. Lakewood and most of Walton County differ from the rest of Florida in terms of scenery and geography, and the fauna and flora are those typical of t…Lakewood is an unincorporated community in Walton County, Florida, United States, located in the Florida panhandle. Lakewood is on the Florida/Alabama border near Florida's highest point, Britton Hill. Lakewood and most of Walton County differ from the rest of Florida in terms of scenery and geography, and the fauna and flora are those typical of the Deep South.