Smithville's housing stock reflects its railroad-era origins. The historic residential districts north of Main Street are lined with homes built from the 19th century through the mid-20th century, including Victorian-era and early 20th-century styles set on shaded, tree-lined lots. The downtown's surviving commercial buildings are part of the same preservation story, with more than 200 properties on the National Register of Historic Places. Beyond the historic core, the city offers a mix of older single-family homes and more conventional subdivision lots, giving buyers a range between period character and everyday Central Texas housing. The overall character is that of an older, established small town rather than a large planned-development market.

The area north of Main Street holds Smithville's primary historic residential district, where tree-lined streets frame homes from the 19th and early 20th centuries, several of which have appeared in film productions. Main Street itself functions as the commercial heart, with brick storefronts housing antiques shops, restaurants, and local storefronts. Around the historic center, the city transitions into quieter residential blocks and the surrounding Bastrop County countryside. The railroad depot anchors the southern edge of downtown and remains a working part of the community's identity.

Smithville's lifestyle is shaped by its preserved Main Street and its role as a filming location. The downtown holds antiques shops, locally owned eateries, and small storefronts that keep a turn-of-the-century ambiance. Visitors and residents alike can follow the town's movie-location trail, which traces sites from Hope Floats and other productions. The Smithville Jamboree, held each spring, is a signature community event, and the local museum documents the city's railroad and film heritage. Day-to-day life is quiet and small-scale, with the larger amenities of Bastrop and Austin within driving distance.

Public education in Smithville is provided by Smithville Independent School District, a rural Central Texas district based in the city and serving Bastrop County. The district spans pre-kindergarten through 12th grade across roughly five campuses and enrolls about 1,800 students, giving it the close-knit feel typical of a small-town system. Students are served from elementary through Smithville High School within the same district.

Smithville sits along State Highway 71, the main corridor connecting the city west toward Austin and east through the Bastrop area. Austin is roughly 40 miles away, making the capital and its employment centers reachable for commuters, while Bastrop lies a short drive west. Freight rail remains part of the town's fabric, with trains passing the historic depot. Regional airports and the broader Central Texas highway network are accessed via Highway 71 and connecting routes through Bastrop and Elgin.

Buescher State Park, just north of Smithville, is the city's primary outdoor anchor. The roughly 1,000-acre park sits in the Lost Pines and offers a lake for fishing, camping loops, and wooded hiking trails, and it pairs naturally with nearby Bastrop State Park for a longer day trip. The park's hilly, forested terrain distinguishes it from the flatter prairie farther east. Within town, the historic downtown and depot area offer a walkable setting, and the city's small-town events calendar provides recurring community gatherings through the year.