Housing in Frankston is predominantly modest, owner-occupied single-family homes on conventional in-town lots, with older frame and brick homes common and larger rural acreage available on the outskirts. The stock reflects the town's history as a small East Texas service and agricultural community rather than a suburban subdivision. The market is oriented toward affordability and everyday family living, with some residents choosing acreage for livestock or hobbies. Buyers are typically drawn by the low cost of living, the small-town atmosphere, and the practical access to Palestine and Tyler, along with proximity to Lake Palestine recreation.

Frankston is a compact town organized around U.S. Highway 175 and its small downtown, with residential streets extending a short distance on either side. The school campus and a handful of local businesses anchor the center of town, while homes and farms spread outward into the surrounding woodlands and pasture. There are no large planned subdivisions; instead, the community's character comes from its older, settled streets and the gradual transition into rural Anderson County. For most residents, the practical distinction is between living within the town and living on acreage just outside it, both served by the same school district.

Frankston offers a quiet, small-town East Texas lifestyle centered on its school, churches, and the surrounding countryside. Daily life is unhurried and neighborly, with a mix of residential and agricultural activity shaping the community's rhythm. Residents value the peace, space, and affordability of small-town living, while Palestine, about 15 miles north, and Tyler, about 30 miles northeast, provide shopping, medical care, dining, and employment. Lake Palestine, one of East Texas's larger reservoirs, lies nearby for fishing and boating. It is a community well suited to families and retirees seeking a low-key rural pace with regional conveniences within an easy drive.

Frankston is served by the Frankston Independent School District, a small public district based in the town that enrolls students from the community and the surrounding rural areas of Anderson County. The district's campuses, home of the Frankston Indians, function as the social and educational center of the community, hosting athletics and events that bring residents together. For higher education and specialized programs, residents can reach Tyler Junior College, the University of Texas at Tyler, and other institutions within about 30 miles, while Palestine offers additional educational and vocational resources nearby.

Frankston sits on U.S. Highway 175, a major east-west route that links the town north to Palestine, about 15 miles away, and northeast to Tyler, roughly 30 miles away, where Interstate 20 and Tyler Pounds Regional Airport are accessible. Regional highways connect Frankston to the surrounding communities and to the Dallas–Fort Worth metroplex, about 100 miles to the west. Commuting is by personal vehicle on uncongested rural highways, and the drives to Palestine and Tyler are straightforward, making both cities practical for work, shopping, and medical care.

Recreation in Frankston is shaped by the East Texas landscape. Lake Palestine, one of the region's larger reservoirs, lies nearby and offers fishing, boating, swimming, and lakeside camping, making it a common destination for residents. The surrounding woodlands and countryside support hunting, hiking, and outdoor pursuits, and the town's quiet streets and school facilities host community activities. Palestine and Tyler add parks, museums, and cultural events within a short drive, while Tyler State Park and other East Texas recreation areas are within easy reach. For daily leisure, the small-town pace and open space are themselves part of the appeal.