Fishing has always played an important role in Homosassa's economic well being, and it is the foundation of its character. Generations of families have grown up in the fishing business, both in commercial fishing, which is not what it once was, and in sport fishing. Seven rivers and 22 miles of lake shoreline in the county ensure that the fish are always biting. The coastline where the Homosassa River empties into the Gulf of Mexico is famous for spotted sea trout, redfish, cobia (seasonal), grouper, spanish mackarel, sheephead, shark, black drum, jack crevell, bluefish, and tarpon. Nearby Lake Tsala Apopka, Lake Rousseau and the Withlacoochee River provide opportunities for freshwater fishing of large mouth bass, blue gills, stump knockers and brem. Public boat ramps provide easy access to all of the area's major waterways.

Life here moves at a languid pace, although the town is growing, nearly 15% in the last 10 years. The cost of living is about 2% above the national average, and the median home price is $199,000.  A mix of master-planned communities and older homes on rural acreage give buyers a good selection of housing from which to choose. Many residences are along a canal and have a boat dock. Rental properties, including apartments, are not plentiful.

Aside from fishing, the town's primary claim to fame is the zoo-like Homosassa Springs Wildlife State Park, which despite the name, is not located in nearby Homosassa Springs. Drawn by the warm, spring-fed waters (72-degrees year-round), West Indian manatees cavort and are rehabilitated here. Pontoon boat rides, a floating observatory and an elevated boardwalk give visitors excellent views of these gentle creatures, as well as peeks at bears, cougars, osprey, alligators and Lucifer the Hippo, the only non-native animal at the Park. Manatees do not confine their activities to the Park, though, and are often seen in the waterways around town. Swimming with them is a popular activity. Homosassa is well off the beaten path (there was no public sewer system until just a few years ago), but there are a couple of small resorts and tourists do make their way here for the Park.

Shopping is limited, but there is a Wal-Mart. Most, not all, restaurants are diners or family-style and serve seafood. More services are found in Homosassa Springs (population 14,000), just to the east, and Tampa is easily accessible via the Suncoast Parkway (Toll Road 589). Cultural activities are pretty much non-existent, but there a few festivals, including the annual Fish and Arts and Crafts Festival. There is no public transportation, but the crime rate is below the national average. A nuclear power plant in Crystal River, 7 miles away, provides electrical power for much of the area.

Citrus County operates the West Citrus Community Center, which acts as the senior center. Congregate meals are served, and the calendar of events and activities includes exercise classes, computer classes, blood pressure clinics, financial clinics and more.

The Homosassa Public Library is open Monday through Saturday and is a part of the Citrus County Library System. Patrons enjoy an interlibrary loan program, online book groups and free one on one computer classes. Wifi is available.

Homosassa does not have a hospital, but Seven Rivers Community Medical Center in Crystal River has won a national award for patient safety and meets or exceeds national averages in most specialty areas. It is an acute care hospital with 128 beds and accepts Medicaid and Medicare patients. Two more hospitals are within 25 miles.

This being coastal Florida, summer temperatures reach into the 90s, and winter temperatures are in the 50s, 60s and 70s. Humidity is high, averaging 90% in the mornings, tapering off to 65% in the afternoons. Precipitation averages 3 inches per month in the winter and 7 to 8 inches per month in the summer. On the comfort index, a combination of temperature and humidity, Homosassa ranks below the national average. The sun shines 250 days of the year, and the air quality and water quality both rank above the national averages.

Most of Homosassa lies within a Federal Emergency Management Agency (FEMA) flood zone, but it is not in a SFHA (Special Flood Hazard Area). Flood insurance is therefore not required when financing a home, but it is probably a good idea to have it. If a homeowner carries a mortgage, the lender will most likely require hurricane/wind insurance since Homosassa has been affected (brushed) by a hurricane or a tropical storm (or "backdoor" storm from the east) 36 times in the last 136 years. It is also susceptible to tornados, with a risk factor 60% higher than the rest of the country (the last funnel cloud was in 1983 and caused significant damage).