Greenbank's housing reflects its rural character, with homes set on larger, often treed or open lots, alongside farm properties and acreage. The market emphasizes space, privacy and views over density, attracting buyers seeking a Whidbey Island retreat or a quieter permanent residence. Properties range from established farmhouses and woodland homes to newer custom builds, with the surrounding farmland and water views defining much of the area's appeal.

As an unincorporated community, Greenbank is spread along State Route 525 and the surrounding rural roads rather than organized into formal subdivisions. Homes and small farms sit amid open meadows, forest and glimpses of the island's waters, with Greenbank Farm and the historic Greenbank Store acting as community anchors. The area maintains a scattered, land-rich settlement pattern typical of central Whidbey Island.

Life in Greenbank is rural, quiet and rooted in the land. Residents value open space, conservation and a close-knit community, with local events often centered on Greenbank Farm and shared appreciation for the island's natural environment. The pace is relaxed, and many residents work remotely or run small businesses from home. Everyday needs are met in nearby Coupeville and the island's larger towns, while the surrounding waters and forests shape daily life.

Students in Greenbank attend the Coupeville School District, which serves the central Whidbey Island area and operates Coupeville Elementary, Middle and High schools in the nearby town of Coupeville. Families farther south are served by the South Whidbey School District. The island's small school systems offer a community-scaled educational environment, with higher education options available across the broader Puget Sound region.

State Route 525 bisects Greenbank and serves as its main travel corridor, connecting the community north toward Coupeville and Oak Harbor and south toward the Clinton-Mukilteo ferry to the mainland. The island's ferry system provides access to the Seattle region, while local travel is almost entirely by car. Greenbank's central position makes it a convenient base for reaching both ends of Whidbey Island and the mainland beyond.

Recreation in Greenbank centers on the outdoors. Greenbank Farm offers walkable fields, trails and sweeping views of the island's waters, along with shops, food and art. Whidbey Island's beaches, forests and shoreline trails are nearby, supporting hiking, beachcombing and nature observation. The island's parks, the nearby town of Coupeville and the surrounding saltwater of Puget Sound provide further opportunities for boating, fishing and outdoor recreation.