I'm a married, master's degree-educated health professional with 3 young kids. My wife and I have lived in Austin for 4 years now. I can tell you that Austin is a place that can be great for raising your family. There are significant assets of the community such as larger home and property lot sizes, affordable home prices, ample green space, proximity to parks(both in Chicago and Oak Park), proximity to public transportation, and ethnic diversity. I have neighbors who are Central-American, African-American, Puerto Rican, Polish, and other European backgrounds. It's not necessarily the image of Austin that some might portray, but I can tell you that it exists on my block.
Something to keep in mind is that the Austin neighborhood is one of Chicago's largest by both population and land area. The variability of any particular part of Austin is relative to the immediate space surrounding it. In plain language, there are parts of Austin that are frankly unappealing for the issues of crime, noise, litter, and general decline. However, you would be wise to investigate the particular blocks/districts within Austin to make a sound decision.
I hope that this helps you and any others who are considering a move to the Austin neighborhood. =)