Mount Vernon's housing stock mixes historic in-town homes near the courthouse square, mid-century ranch houses, and newer construction, with a growing market for lakefront and lake-area properties around Cypress Springs and Bob Sandlin. In-town lots are typically established and tree-shaded, while homes on the lakes' shores range from modest cabins to newer custom homes with docks and water views. The town's arts reputation and lake access have drawn retirees and second-home buyers, while the county seat's stable, small-town core attracts families tied to local schools and government.

Mount Vernon's setting is defined by its relationship to the lakes. Lake Cypress Springs lies a few miles south of town, with developed shorelines and neighborhoods around it, while Lake Bob Sandlin and its state park sit to the southeast. In town, the historic district around the square anchors older residential streets, with newer subdivisions on the edges. Nearby towns include Mount Pleasant, Pittsburg, and Winnsboro, each adding regional shopping and services to the immediate area.

Mount Vernon offers a blend of small-town life and lake-country leisure. The arts calendar — gallery openings, concerts, and workshops through the Franklin County Arts Alliance and Mount Vernon Music — gives the town a cultural rhythm unusual for Northeast Texas. Weekends revolve around the lakes, with boating, fishing, and lakefront gatherings, while the courthouse square hosts community events. Day-to-day shopping and dining cluster along the highway corridors and downtown, with larger retail in Mount Pleasant and the Dallas–Fort Worth area within reach.

Mount Vernon Independent School District serves the town and much of Franklin County, the result of a long consolidation that combined the county's rural schools into a single district at the county seat. The district operates elementary, middle, and high school campuses in Mount Vernon and is a central institution in the community. For families, the district offers a small-school environment with strong community ties, and its athletics and fine-arts programs draw broad local participation.

Mount Vernon sits near Interstate 30, the main east-west route across Northeast Texas, connecting the town to Mount Pleasant to the east, Paris to the north, and the Dallas–Fort Worth metroplex roughly 100 miles to the west. State Highway 37 runs north-south through town, and farm-to-market roads link Mount Vernon to the lake communities. Daily life is car-dependent, but the Interstate access makes regional commuting and trips to the metroplex straightforward for residents.

Lake Cypress Springs and Lake Bob Sandlin anchor recreation in the Mount Vernon area. Lake Bob Sandlin State Park offers camping, fishing, boating, and hiking on its wooded shore, while Cypress Springs is prized for clear water and lakeside communities. The surrounding Piney Woods provide hunting, birding, and trail recreation, and the town's parks and youth sports facilities serve local families. Regional attractions such as the Governor Hogg Shrine in Quitman and the Ezekiel Airship in Pittsburg add nearby day-trip destinations.