Blanket's housing stock reflects its small-town, rural character. Homes are predominantly modest single-family houses on larger lots, with a mix of older residences from the town's cotton-era heyday and mid-century construction, plus occasional newer homes on the outskirts. Many properties offer generous yard space and mature shade trees, and the surrounding countryside provides acreage, rural homesites, and working ranch land for buyers seeking space. Because the town is small and lightly developed, housing is limited but affordable in character, and the community appeals to those who want a quiet, close-knit setting within commuting distance of Brownwood. The market is steady and locally driven rather than shaped by large-scale development.

Blanket is a compact town without formal subdivisions, and its residential areas cluster around the school and the U.S. 67/377 corridor that runs along its southeastern edge. Older homes sit on the town's original streets near the center, while newer and more spacious properties spread toward the surrounding countryside. The community's small size means every home is within easy walking or driving distance of the school, churches, and local businesses. Beyond the town limits, scattered farmsteads and ranches define the landscape of eastern Brown County, offering a country setting within a short drive of both Blanket and Brownwood.

Life in Blanket is quiet, small-town, and rooted in the rhythms of rural Brown County. With a few hundred residents, the community centers on the school, local churches, and the surrounding ranch and farm country, and its pace has changed little since the town's population stabilized during the Great Depression. Residents value the friendliness and familiarity of a place where families have lived for generations. For shopping, healthcare, and employment, Brownwood lies about fourteen miles to the southwest, and the community's position between Brownwood and Comanche keeps both towns within easy reach. Lake Brownwood, a short drive away, provides a popular outlet for fishing, boating, and family recreation on warm Texas days.

Blanket is served by Blanket Independent School District, a small rural district that educates the town and the surrounding eastern Brown County countryside. The district's small enrollment fosters close relationships between students, families, and staff, and the school is the social and civic heart of the community. Higher education and workforce training are available at Ranger College's Brownwood campus and Howard Payne University in Brownwood, both within a short drive, giving students in Blanket access to postsecondary options close to home.

Blanket sits along U.S. Routes 67 and 377, which pass the town's southeastern edge and connect it to Brownwood about fourteen miles southwest and Comanche about twelve miles northeast. These highways place the town on a direct route to the larger retail, medical, and employment centers of Brown County and the surrounding region, and provide access to Interstate 20 through nearby communities. There is no public transit in Blanket, so residents rely on personal vehicles for commuting and errands. Regional air service is available around Brownwood, with larger commercial airports reachable in the Dallas–Fort Worth and Abilene areas.

Recreation around Blanket centers on Lake Brownwood, a 7,300-surface-acre reservoir a short drive to the southwest. Lake Brownwood State Park, built by the Civilian Conservation Corps in the 1930s and known for its stone clubhouse and cabins, offers camping, fishing, boating, swimming, and paddling along the lakeshore. Anglers pursue white crappie, catfish, and sunfish, while boaters and water-skiers use the open water. The park's CCC-era architecture and wooded setting make it a regional destination. The rolling ranch country of Brown and Comanche counties also supports hunting and general outdoor recreation, and Brownwood itself provides parks, a lakefront, and community facilities within a short drive of Blanket.