Is there a general region of Chicagoland that you are looking in? Transit time varies greatly, depending upon whether you live in the more densely populated Northern suburbs/North Shore, or in the less densely populated Western suburbs. I know very little about the Southern and SW suburbs.
To start out, you might want to consult the recently released "Top 1000 high schools" report. There are several communities in the Chicago suburbs that made the list.
Great schools: http://www.thedailybeast.com/newsweek/2012/05/20/america-...
From an affordability standpoint, your money will go MUCH further in the Western or SW suburbs than it will in the Northern/NW suburbs. Case in point; my sister plans to move to Kennilworth/Winnetka in the next few years so they can get into the New Trier school district. They are looking at spending around $600k for a 3 bedroom, 2 bath, updated home. You can get comparable home in the Hinsdale Central district (some of Clarendon Hills and Westmont is in that district) for about $450k.
New construction in the Northern and NW suburbs is possible, but the lots are VERY pricey.
Will either of you be commuting into the city, or will you be in the burbs?
If my husband didn't work an hour west of downtown, I'd want to be a bit closer to the city because we have family closer to the city. My ideal location would be Hinsdale/Clarendon Hills. But, since being closer to work is a high priority, when we DO move, it'll be to the Naperville area (which is consistently rated as one of the top places to raise a family.)