Lake Mathews' housing is predominantly single-family and owner-occupied, set on larger lots characteristic of Riverside County's foothill communities. The area mixes established rural residences with newer custom homes and equestrian-style properties, spread across rolling terrain with views of the reservoir and the Temescal foothills. Development is low-density and semi-rural, with a notable presence of acreage parcels and open space. This distinguishes Lake Mathews from the denser tract-home suburbs of Corona and Riverside, giving the market a distinctly more spacious, countryside character within the Inland Empire.

Lake Mathews is a dispersed foothill community rather than a collection of conventional subdivisions. Homes are scattered across rolling terrain around the reservoir, along the area's rural roads and hillsides, with clusters of development near the community's edges where it approaches Riverside and Corona. The Temescal foothills and the reservoir itself dominate the landscape, and the surrounding reserves and open space keep development separated. This layout gives Lake Mathews a quiet, unincorporated character with room between properties, quite different from the organized tract neighborhoods of the nearby cities.

Lake Mathews offers a semi-rural foothill lifestyle between two Inland Empire cities. Most residents own their homes, and the community's larger lots, open hillsides, and views of the reservoir give it a quieter, more spacious feel than the denser suburbs nearby. Daily errands and employment draw on Riverside and Corona, both within a short drive, while the reservoir and surrounding reserves provide a natural backdrop even though the water itself is closed to recreation. The lifestyle appeals to those seeking room to spread out, privacy, and open space with convenient access to urban services.

Public education in the Lake Mathews area is provided by two school districts. Parts of the CDP are served by the Corona-Norco Unified School District, one of the largest districts in Riverside County, while other portions fall within the Riverside Unified School District, which operates Lake Mathews Elementary School. This arrangement reflects the community's location across district boundaries between Corona and Riverside. Both districts provide K-12 education with elementary, middle, and high schools serving the surrounding region, and the community is within reach of higher-education institutions in the Inland Empire.

Lake Mathews sits between Riverside and Corona, giving residents access to the Inland Empire's major corridors, including the Interstate 15 and Interstate 215 freeways and their connecting routes. The community itself is reached by the area's rural and arterial roads winding through the Temescal foothills, and most travel is by personal vehicle. This location places commuters within reach of employment centers in Riverside, Corona, and the wider Inland Empire and Orange County areas, while the foothill road network keeps the community's own traffic light and low-density.

Although the Lake Mathews reservoir itself is closed to public recreation, the surrounding landscape offers genuine outdoor opportunities. The Lake Mathews Ecological Reserve and the nearby Estelle Mountain Reserve provide hiking, birdwatching, and panoramic views of the reservoir and the Temescal foothills. The hillsides and open space around the community support walking, riding, and wildlife viewing, and residents are a short drive from the larger parks and trail systems of Riverside and Corona, as well as the Santa Ana Mountains and Cleveland National Forest to the west and south.