Sheridan's housing is modest and rural, consisting of single-family country homes, ranch houses, and some acreage, spread across a landscape of pasture and farmland. There is little subdivision development, and lot sizes tend to be generous, reflecting the area's ranching heritage. The building stock spans older farmhouses and more recent individual construction rather than tract homes. The market serves people tied to agriculture, oil and gas work, and the nearby schools, with an emphasis on space and a country setting.

Life in Sheridan is quiet, rural, and tied to the land. Cattle ranching, farming, and deer hunting are woven into the local culture, and the seasons of planting, calving, and hunting shape the year. Community activity centers on the school and the small institutions of nearby Altair and Columbus. The pace is unhurried, and social life is close-knit, reflecting a traditional Texas ranching community rather than suburban development.

Sheridan is part of the Rice Consolidated Independent School District, which operates Sheridan Elementary within the community and serves a cluster of Colorado County towns including Altair, Eagle Lake, Garwood, and Nada. The district's middle and high school campuses are based in nearby Altair, keeping secondary schooling a short drive away. Rice CISD's presence anchors Sheridan's civic life and makes the community a natural gathering point for families across the district's southern Colorado County territory.

Sheridan is reached by state highways and farm-to-market roads that connect it north to Columbus and east toward the Houston region, with U.S. 90 and Interstate 10 serving as the main corridors through the area. Travel is by car, and commutes are oriented toward Columbus, Eagle Lake, or the greater Houston metropolitan area. The community's flat-to-rolling rural setting makes driving straightforward, and there is no public transit.

Recreation around Sheridan is dominated by hunting and the outdoors. The surrounding Colorado County countryside is known for its deer hunting, and fishing and other rural pastimes are common. School athletics, centered on the Rice CISD campuses, provide organized recreation and community events, while the Colorado River and nearby Columbus offer additional outdoor and civic activities. It is a recreation profile rooted in ranch-country tradition rather than urban amenities.