Lexington's housing stock reflects its history as a small agricultural town. Modest single-family homes, many with traditional Texas designs, sit on town lots, while larger acreage properties and ranch-style homes spread into the surrounding countryside. The market is a mix of owner-occupied and rental housing, consistent with a small town that serves both long-term residents and those connected to area farms and ranches. Buyers are typically drawn to the space, slower pace, and lower-density setting, with newer construction blending alongside older, established homes near the town center and along the rural roads radiating outward.

Lexington is organized around its historic town center rather than large named subdivisions. Residential streets extend outward from the downtown core into the surrounding countryside, where homes give way to farmland and ranch acreage. The compact, walkable central area holds the town's older homes and civic buildings, while newer residential development is scattered along the area's rural roads. This layout gives the town a unified, close-knit feel, with most residents living within a short drive of the schools, churches, and businesses that make up the center of community life.

Life in Lexington moves at a small-town pace shaped by its agricultural roots and close-knit community. Local restaurants, churches, and small businesses form the social fabric, and residents tend to value tradition and community involvement. The town's bars and eateries, along with school and community events, anchor social life, while the surrounding ranchland offers a quiet, rural backdrop. For those seeking more activity, Austin, Bryan–College Station, and Giddings are within reach by highway, giving Lexington a blend of country living with convenient access to larger-town dining, shopping, and entertainment.

Lexington is served by the Lexington Independent School District, which operates the town's public schools and draws students from the surrounding rural area. The district is generally regarded as above average for the region and serves as a focal point of community life, with school athletics and events bringing residents together throughout the year. Families relocating to Lexington typically evaluate the district's schools as a key consideration, and the small-town scale means students and staff are often well known to one another across grade levels.

Lexington is connected to the region primarily by U.S. Highway 77, the main north-south route through the town, with state highways providing links to nearby communities. The town sits east of Austin, roughly 50 miles away, and north of Giddings, the Lee County seat, giving residents highway access to both. Commuting is car-dependent, as is typical of rural Central Texas, but the straightforward highway routes make trips to Austin, Bryan–College Station, and other regional destinations practical for those willing to trade a longer drive for small-town living.

Recreation in Lexington centers on community life and the outdoors. Local parks, school athletic facilities, and community events provide the main gathering points, with youth sports and school functions playing a central role. The surrounding ranchland and countryside support hunting, fishing, and rural pastimes, while nearby lakes and the larger towns of the region offer additional recreation within a short drive. For residents, the appeal is less about destination attractions than about the quiet, open landscape and the steady rhythm of a small agricultural community.