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You shouldn't have to much of a problem finding a decent single family house in the Boston Metro are for $400k the real estate prices are declining a lot here, and many sellers are motivated and willing to entertain all good offers. I flexible are you in terms of commuting? Distance/time wise...are you intending on driving, or taking public transportation? There are many nice towns within, right outside the route 128 loop that you can consider, some are more suburban/urban/diverse etc than others.
Many towns outside of Boston offer good schools, public transportation etc...If you provide more information about town characterstics you prefer more specific information could be provided.
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