Despite what some think, there are some very good areas in Memphis. East off of Walnut Grove is a great area. It is a little more pricey than Germantown/Collierville but it is very established. Schools in the area are very good at the Elementary School level, but can be questionable after that.

Germantown/Collierville is a very good place to live. It is typical suburbia, but schools are good (for the most part). Elementary is good, but most avoid Germantown High School these days. Getting zoned in Houston High is better, but zoning changes. In other words, don't plan on moving to a house and going to a particular High/Middle School when your kids get old enough.

Stay away from Cordova. Housing prices are much better, but the market has tanked and will get worse. Memphis is annexing most of Cordova, which is lowering the prices and traffic is terrible. They keep building lower end houses which further dillutes the market.

I don't care for Southaven/Olive Branch. They are expanding very fast and doesn't really have the infrastructure to support the growth. I kind of see this turning into another Cordova (without the threat of annexation).

Taxes are higher in Memphis than in Germantown/Collierville. Taxes are even less in Mississippi, but they have a state income tax. It normally comes out as a wash, with Memphis being higher than the other areas. Depending on where you are moving from, taxes are less than alot of areas.

For a really rough guide, plan on paying about $130/square foot in better areas in Memphis. $110 in Germantown/Collierville and $100 in Mississippi. Again, that is very rough, but it gives you an idea.

Bottom line is I think Germantown or Collierville is a good bet. Drive time is about 20-30 minutes. Housing prices are stable (you won't find alot of areas around her that get better than 3-5% appreciation/year, schools are decent, and it is a safe place to raise a family.