Treasure Island's housing stock is shaped by its barrier-island setting and its long history as a beach community. The city offers a mix of Gulf-front and Intracoastal-facing condominiums, older single-family homes, and properties in areas like Sunset Beach, many oriented toward water views and beach access. The community's older median age and resort character are reflected in a market weighted toward condos and smaller, established homes rather than new large-lot development. Buyers are typically drawn by the beachfront lifestyle and proximity to St. Petersburg.

Treasure Island runs along the Gulf of Mexico with distinct pockets. Sunset Beach, at the southern tip, is a compact enclave with its own boardwalk and close-knit feel. The central island holds the main beachfront corridor along Gulf Boulevard, lined with condominiums and resorts, while the eastern side fronts the Intracoastal Waterway with more residential and waterfront properties. Sunset Vista Park anchors the southern beach area, and the island's narrow, walkable layout keeps every neighborhood within a short distance of the water.

Treasure Island's lifestyle is relaxed and beach-centered, with a community that skews toward retirees and second-home owners. Days revolve around the Gulf shoreline — swimming, sunbathing, kite-flying, and paddling on rented boards and kayaks — and evenings draw people to the beach for the sunsets the area is known for. The island has a welcoming, laid-back character, with Sunset Beach's enclave at the southern tip adding a close-knit feel. With St. Petersburg just across the causeway, residents pair quiet beach living with easy access to a full-service city.

Public education for Treasure Island is provided by Pinellas County Schools, the countywide district whose campuses sit on the mainland in the greater St. Petersburg area. Because the island itself is primarily residential and resort-oriented, students attend schools across the causeway, served by the same district that covers St. Petersburg and the surrounding Pinellas communities. Higher education options are available nearby in St. Petersburg and across Tampa Bay.

Treasure Island is connected to the mainland by the Treasure Island Causeway, which carries traffic to and from St. Petersburg. Gulf Boulevard runs the length of the barrier island, linking Treasure Island to neighboring Gulf beach communities to the north and south. This layout gives residents direct access to St. Petersburg's amenities, Tampa Bay-area airports, and the wider Pinellas County road network while preserving the island's relaxed, small-scale character.

Recreation in Treasure Island centers on its Gulf beaches. Treasure Island Beach offers a dune-lined shoreline for swimming and sunbathing, while Sunset Beach's boardwalk encircles the island's southern tip. Kite-flying is a local pastime, and vendors rent paddleboards, kayaks, and cabanas directly on the sand. Beach volleyball courts and fishing from the shore add to the mix, and the community's famous sunsets draw residents and visitors to the water's edge each evening. The Intracoastal side offers additional boating and paddling access.