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Menomonee Falls is a large village that varies depending on where you are. The north part near County Line Road is the older part of town and tends to be more middle class. The south part closer to Brookfield (and the Medical College) is a newer area and appears to be more upper middle class, like Brookfield. I would look in the area west of Lilly Road between Good Hope Road and Lisbon Road. It will probably be cheaper than an area like Elm Grove or Brookfield, though I'm not sure the schools are quite as good.
Did you ever decide about Germantown? That's a bit farther from the Medical College, but it's not too hard to access since you can just take US-41/45 straight down from Germantown to the campus. It's a safe family-friendly area, with newer houses at (relatively) reasonable prices. The school system is decent, probably comparable to Menomonee Falls.
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