Westlake Village's housing stock is shaped by its master-plan origins and the lake. Lakeside and near-lake homes offer private docks, water views, and direct access to Westlake Lake. The city is known for its gated communities, from the guard-gated, island setting of Westlake Island to enclaves such as North Ranch, Westlake Cove, Hidden Canyon, Renaissance, Bridgehaven, and Foxmoor, many with single-family homes, townhomes, and estate properties. Construction spans from the community's 1960s and 1970s beginnings through newer infill development. In general, homes sit at the upper end of the Conejo Valley market, reflecting the planned setting, views, and location off the 101 corridor.

Westlake Village is composed of distinct planned neighborhoods and gated communities, most clustered around or near the lake. Westlake Island is a guard-gated enclave set on an island in Westlake Lake, known for its exclusivity and waterfront setting. North Ranch, on the community's northern side, pairs residential streets with a country club and golf. Westlake Cove, Hidden Canyon, Renaissance, Bridgehaven, Foxmoor, and other gated communities offer a range of single-family and attached homes, often with greenbelts, pools, and walking paths. The surrounding hills add view lots and larger estates, giving the city a consistently manicured, low-density character.

Life in Westlake Village centers on the lake and the outdoors. Westlake Lake supports electric boating, fishing, and shoreline walks, with a landing and marinas serving lakeside residents. The Shoppes and other commercial plazas provide groceries, dining, and services within the community, while neighboring Thousand Oaks adds larger retail and entertainment. A strong network of parks, greenbelts, and community events keeps the city family-oriented and active. Residents also benefit from the Conejo Valley's open-space ethic, with trailheads minutes from home and a generally quiet, safety-conscious suburban atmosphere.

Westlake Village is served by two highly regarded public school systems depending on the side of the county line. The Ventura County portion falls within the Conejo Valley Unified School District, which also serves Thousand Oaks and Newbury Park and includes Westlake High School. The Los Angeles County portion is served by the Las Virgenes Unified School District, covering Agoura Hills and Calabasas as well. Both districts are consistently cited among the strengths of the area, drawing families to the Conejo Valley. Private and independent schools add further options, and several universities and colleges lie within commuting distance across the region.

Westlake Village sits just off the Ventura (101) Freeway, which runs along its northern edge and links the city to the western San Fernando Valley and downtown Los Angeles, about 38 miles east. State Route 23 and other regional roads connect the community to Thousand Oaks, Simi Valley, and the coast. As a result, the city functions as both a self-contained employment center — with its own office parks and corporate campuses — and a bedroom community for Los Angeles commuters. The nearest major airports are in the greater Los Angeles area, and local transit serves the Conejo Valley corridor.

Outdoor recreation is a defining feature of Westlake Village. Westlake Lake offers private boating and fishing for lakeside residents, along with shoreline trails and a community landing. The surrounding Conejo Valley and Santa Monica Mountains provide an extensive network of more than 95 trails, including Chesebro Canyon, the Wishbone Trail above the Community Park, and nearby Malibu Creek State Park and Wildwood Park, all within a short drive. Cyclists, runners, and equestrians use the area's open space, much of it managed by the Conejo Open Space Conservation Agency. Community parks add playgrounds, sports fields, and gathering space.