Parsippany-Troy Hills offers a varied housing stock shaped by decades of suburban growth around its lakes and highways. Single-family homes predominate, ranging from mid-century ranches and split-levels to larger colonials in established neighborhoods, with townhome and condominium communities concentrated near the township's commercial corridors for commuters seeking lower-maintenance living. The lakefront sections of Lake Hiawatha and Lake Parsippany add cottage-style and waterfront properties, while Mount Tabor's historic camp-meeting cottages give that district a distinctive character. This breadth, combined with the township's central location and strong job base, keeps Parsippany a perennial choice for households at many stages of life.

Parsippany-Troy Hills is organized around several distinct communities rather than a single center. Lake Hiawatha and Lake Parsippany are the two best-known lakefront neighborhoods, each with its own ZIP code, post office, and shopping area, and each built around a namesake lake with a park. Mount Tabor, a National Register-listed district, began as a 19th-century Methodist camp-meeting ground and retains its narrow lanes and historic cottages. Powder Mill and Rainbow Lakes are smaller residential pockets, while the Troy Hills section and the central Parsippany area house much of the township's commercial activity. This structure gives buyers the choice between quiet, established streets and neighborhoods closer to shopping, highways, and office parks.

Parsippany-Troy Hills balances a dense employment core with distinctly suburban, often lake-centered residential life. The township's commercial corridors along Routes 10 and 46 carry an extensive lineup of hotels, restaurants, shopping centers, and international grocers, reflecting a diverse population that includes a large Indian-American community with its own temples, grocers, and restaurants. Neighborhood life centers on the lakes — Lake Hiawatha and Lake Parsippany — and on a network of parks and recreation programs. Its position near Morristown and its own corporate base give the township a busy, convenient character, with commuters, office workers, and long-established residents sharing the community.

Public education in Parsippany-Troy Hills is provided by the Parsippany-Troy Hills School District, a comprehensive pre-K through 12th-grade system serving about 7,200 students across 14 schools. The district operates multiple elementary schools, two middle schools, and two high schools — Parsippany High School and Parsippany Hills High School — reflecting the township's size. The district is consistently rated among the stronger systems in Morris County, and its breadth of academic, arts, and athletic programming is a draw for families. Private and parochial school options in the surrounding area add further choice for residents.

Parsippany-Troy Hills sits at one of northern New Jersey's most important highway junctions, where Interstates 80 and 287 meet. I-80 carries traffic east toward New York City and west toward Pennsylvania, while I-287 runs north-south through Morris County. Routes 46 and 10 are the township's primary local and commercial corridors, and Route 202 passes through as well. NJ Transit operates bus service through the township, with express routes to the Port Authority Bus Terminal in Manhattan, and the Lakeland Bus Lines 46/80 service provides additional commuting options. Newark Liberty International Airport is reachable via I-78 or I-80, and Morristown's NJ Transit rail station offers Midtown Direct train service a short drive away.

Parsippany-Troy Hills maintains a large parks and recreation system, with the township's goal of placing recreation within walking distance of residents. Facilities include Smith Field Park, Veterans Park, and Lake Parsippany Park, which host sports leagues, picnic areas, and seasonal programs, along with the Cameron Dog Park and neighborhood playgrounds. The 27-acre Craftsman Farms, the former home and workshop of Arts and Crafts designer Gustav Stickley, operates as a museum and public park and is a National Historic Landmark. Old Troy County Park and the larger Morris County park system, plus nearby Morristown National Historical Park, extend hiking and outdoor options well beyond the township's own facilities.