Richland's housing is a mix of older single-family homes near the town center and newer homes and lake-area properties on the surrounding acreage. Lots are generally larger than in suburban settings, and some buyers seek parcels with access to or views of Richland-Chambers Lake. The housing stock is modest and owner-occupied, reflecting the town's small population and rural character. The nearby lakefront and lakeside communities add a second-home and recreational component to the local market.

Life in Richland is quiet and rural, centered on family, the local churches, and the lake. Fishing and boating on Richland-Chambers Lake are popular pastimes, and the town's position on I-45 makes trips to Corsicana or Dallas straightforward. Most residents own their homes and value the slower pace and open space. With limited commercial services in town, daily errands run through Corsicana, while the lake and surrounding countryside provide recreation close to home.

Richland is served by Corsicana Independent School District, which educates students from Richland and the other small communities of central Navarro County, including Angus, Mustang, Oak Valley, and Retreat. The district operates elementary, intermediate, middle, and high school campuses in Corsicana, about 12 miles north. Richland students attend Corsicana ISD schools for the full K–12 sequence, with bus service connecting the town to district campuses.

Richland sits directly on Interstate 45, the main corridor between Dallas and Houston, at its junction with State Highway 14. Corsicana is about 12 miles north, and Dallas lies roughly 60 miles to the north, putting the metroplex within about an hour's drive. State Highway 14 provides a local route north to Corsicana and south toward Wortham and Mexia. The town has no transit, so travel is by car, with I-45 offering fast regional access.

Richland-Chambers Lake is the area's recreation centerpiece, offering fishing, boating, and lakeside recreation across its 330 miles of shoreline. The lake is known for bass and crappie fishing and draws boaters from across North Texas. Its public boat ramps and parks are within minutes of town. The surrounding Navarro County countryside supports hunting and rural outdoor pursuits, while Corsicana adds parks, golf, and community events a short drive to the north.