I agree, we moved to Belmont for the schools but have both our kids in private school - hence we are broke.
One not obvious issue with schools is the local demographics are NOT always in sync with the student body demographics.
Menlo Park which has a high income tax base has a mixed group of students. The wealthy families put their kids in private schools, the result is a student body out of sync with the local demographics. I would of never expected this but one of our close friends is a teacher in Menlo Park/Atherton and has to put her kids in private schools vs the local public schools in Menlo/Atherton district.
You looking for an apartment or a house to rent? An apartment may be a bit easier to find, but rents right now are pretty high. My business partner just went through this exercise for her sister and it was not fun to say the least.
I live mid peninsula - meaning Belmont, and know the area around me pretty well after living here some 25+ years.
Foster city is pretty kid friendly and a bit cheaper, but be prepared for finding a place to be a challenge in general.
The commute to MV by car can be a nightmare depending on time of day, you may consider taking the train to MV and biking to the office.
Redwood city and Menlo park are also options, but neighborhoods in these areas area a lot like New York City, a block or two can be a HUGE difference in neighbors and whether or not you will feel comfortable.