Highland Village's housing stock is largely suburban and lakeside in character, with single-family homes setting the tone. Development accelerated from the 1990s onward, producing a mix of established neighborhoods with mature trees, custom homes, and gated communities near the lake. Older housing from the town's earlier decades offers more modest, accessible options, particularly in central areas near FM 407 and Highland Village Road. The city's lakeside setting and well-regarded schools shape demand, and the housing mix ranges from mid-century homes to larger contemporary construction.

Highland Village's neighborhoods are spread along the ridge above Lewisville Lake, with many oriented toward the water or the city's park network. Highland Meadows is an established area near the city's southern end, close to parks and Lewisville ISD schools, while central neighborhoods along FM 407 and Highland Village Road contain the older, more accessible housing stock. Lake-adjacent streets and gated communities occupy the western and northern edges. The city's master-planned layout and its commitment to parks give its neighborhoods a consistent, well-kept suburban character throughout.

Highland Village's lifestyle is built around Lewisville Lake and a strong park system. Boating, fishing, and paddleboarding are everyday options rather than occasional trips, and the city's trails and parks anchor an active, family-oriented culture. The community balances a small-town feel with proximity to the amenities of the Dallas–Fort Worth metroplex, from major retail and dining to professional sports and air travel. Its well-maintained parks and lake access make it particularly appealing to families and outdoor enthusiasts seeking a suburban setting without giving up convenient access to the larger region.

Highland Village is served entirely by Lewisville Independent School District, one of the larger districts in the Dallas–Fort Worth area. Most city addresses feed into Marcus High School, which is consistently among the district's top-performing high schools, along with a network of elementary and middle schools in and around the city. The district's reputation is a significant draw for families. Nearby higher-education options include the University of North Texas and Texas Woman's University in Denton, both within a reasonable drive.

Highland Village is positioned for easy regional access. FM 407 and Highland Village Road carry local traffic, while Interstate 35E lies just east of the city and connects north to Denton and south through the metroplex. Dallas Fort Worth International Airport is only minutes away, and the city sits roughly thirty miles from downtown Dallas. The combination of lakefront living, nearby freeways, and airport proximity makes Highland Village convenient for commuters who work across the Dallas–Fort Worth region.

Recreation in Highland Village centers on Lewisville Lake and the city's parks. The lake supports boating, fishing, paddleboarding, and waterskiing, with lake access a defining amenity for residents. The city's park system, anchored by the Robert and Lee DuVall Center, offers trails, sports facilities, and community programs, while nearby Lower Sellmeyer and other neighborhood parks provide playgrounds and green space. Regional trails and additional lake recreation along the Lewisville Lake shoreline extend options, and the wider Dallas–Fort Worth area is within easy reach for larger venues and events.