If you want help, and I am sure you will be asked by everyone on here, I will be glad to help you get settled in an area that works best for you. Ask anything and I will do my best to get you the proper information.
I have a great site that will help you as well called http://www.greatschools.org/massachusetts/
It has an few ads but its free and give good insight.
Call me if you need me, My cell is 978-335-9092
As others have stated so well here, you have many options. I would recommend you talk to other employees of your respective companies, if possible. Ask them where they live and why they chose those towns.
Whether you are planning on renting or buying, I would also recommend you speak to a Real Estate Professional who specializes in "Relocation". Finding the right person will save you a LOT of time and help you attain your short and long-term goals!
For now, one website that my clients tell me is particularly useful is http://www.city-data.com/city/Massachusetts.html
RE/MAX Signature Properties
Boston Realty Advisors
Congratulations on your move - I know it can feel very stressful but the good news is that there are several options for you. Here are the suburbs that came to mind when I first read your question:
Swampscott: The schools in this district, while good are not the best in the area but couple this with the mostly reasonable home prices, and it may be a great place for you. In general, the closer you get to the water the better the schools (beach bluff phillips point area). There are currently 25 homes on the market in your price range with at least three bedrooms. It is also nicely located about 30 Minutes from Cambridge, 20 from Danvers, and 40 from Billerica.
Lynndfield: Has a great school system and higher priced homes. There are currently 10 homes on the market that meet your basic criteria. Lynnfield is closer to the three towns about 15 - 20 minutes away from each. It is a much smaller town with only about 11,000 residents!
Woburn: You will have a lot of options here - 55 homes in your range - and it is a much larger town/small city with close to 40,000 residents. Although you can get more for your money, their schools are not ideal and with two young kids that is of course a top priority. I would pass on Woburn for this reason - unless you are looking into private school options! That being said, the Shaker Hill area of Woburn is the best area for public schools. So keep that in mind while you are looking.
Winchester: Another smaller town with high priced homes and GREAT schools. In your price range there are only a handful of homes on the market but it is worth looking if schools are a top priority. it is about 20-25 minutes from both Danvers and Billerica and only 18 from Cambridge.
Arlington: Larger than Woburn with close to 50,000 residents but better schools. Arlington Heights and the Summer st area has the best schools within the town/city. Plenty of options for homes in this area due to its size (including new construction) there are about fifty homes in your range on the market. Arlington is only about ten minutes from cambridge and about 25 - 30 from both Billerica and Cambridge.
Those are the five that first came to mind - you also have Concord/Lexington which also has higher priced homes and is a bit further away but boasts wonderful schools.
I sincerely hope this helps you and your family! If you have any further questions or would like more detailed help please feel free to get in touch with me. I would be happy to speak with you further!
Success! Real Estate
Welcome to the area! I have a young child and am also a transplant to the Boston area.
There are many cities & towns to choose from in this area. See my webpage with a map of the cities & towns: http://www.richleere.com/buyers/cities-towns/. You can click on each of the towns to get a brief description of each town, its schools, government, and news. Each of the schools on my site link to Education.com where you can get school ratings.
I'll be happy to answer any questions you have about the Boston area.
You have severl options depending on the size of the house. There are a couple of locations that might be ideal for you like Arlington, Belmont, etc. Depend on your needs the location and the town will change.
Feel free to call me at 617-216-1492 to dicsuss or email me at email@example.com. Looking forward to working with you.
Your wife's commute will be easier because she is going in the opposite direction of traffic - away from the city - so you could probably get away with choosing a town closer to the Cambridge.
Use: http://www.greatschools.com for school rankings.