Mountain Lakes' housing is defined by its lakes and its architectural history. The borough is known for its historic Hapgood homes, a distinctive collection of houses built during the community's early planned development in the 1910s and 1920s. These sit alongside other established single-family residences, many with lake views or water access, on generous, landscaped lots. The housing stock is predominantly upscale and single-family, and the borough's small size and fully built-out condition mean inventory is limited. Buyers are drawn by the combination of lakefront living, historic character, and strong local schools.

Mountain Lakes is organized as a cohesive residential community around its chain of lakes. The two-mile Boulevard walking path links the borough's neighborhoods, which spread across the areas between and around the lakes and the surrounding woodlands. Historic Hapgood homes cluster in the borough's older sections, while other established residential streets fill out the community. The Tourne area to the west and the Maple Way Woodlands to the east frame the borough with parkland and trails. The result is a tightly integrated, walkable suburb with a consistent, parklike character.

Life in Mountain Lakes centers on the lakes and the community's residential, family-oriented character. Residents use the lakes for scenic enjoyment and informal recreation, and the two-mile Boulevard is a popular route for walking and running. The borough is known for its highly educated population and its strong civic and school culture, which anchor a close-knit suburban community. The nearby Tourne County Park and local woodlands offer hiking and nature access, while the borough's rail station provides an easy commute to New York City.

Mountain Lakes is served by the Mountain Lakes Schools, a comprehensive public district that educates students in pre-kindergarten through twelfth grade from the borough. The district is closely identified with the community's strong educational culture, and Mountain Lakes consistently ranks among New Jersey's most highly educated municipalities. The high school is located in the adjacent Boonton area, and the district's small size and local governance allow for a focused, well-supported educational program that is a central draw for families considering the borough.

Mountain Lakes benefits from direct commuter rail access. The borough's NJ Transit station sits on the Montclair-Boonton Line, providing train service toward New York City and connections to the wider regional rail network. U.S. Route 46 is the main highway serving the borough, and Interstates 80 and 287 pass just outside its borders in neighboring Parsippany-Troy Hills, giving residents quick access to the region's highway system. This combination of rail and highway access makes Mountain Lakes a practical base for Manhattan and Morris County commuters alike.

Recreation in Mountain Lakes is built around its nine lakes and surrounding parkland. The two-mile Boulevard walking path provides a scenic loop through the borough, and the Tourne County Park and Richard M. Wilcox Park area to the west offers hiking trails and wooded open space. Halsey Frederick Park and the Maple Way Woodlands add further outdoor options within the borough. Together with the lakes themselves, these spaces support walking, running, nature observation, and informal lakeside recreation, giving the community a distinctly green, outdoor-oriented character.