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What you are looking for is certainly doable in Valencia county. Huning Ranch has a housing community right off of I-25 and are building new homes in your price range, though I'm not sure what their lot sizes are or their covenants are. Our area has more shopping, school, entertainment options than Edgewood and would be a way closer drive to KAFB & TVI than Edgewood. I have a friend that lives in this area, which is next to the high school, and it takes him about 20 minutes to get to the gates of KAFB where he works. The schools are about the same as anywhere else in NM, I guess, but they are better than Belen schools.
The only thing that I will say for certain is that you really want to stay out of the East Mesa area (Meadowlake, El Cerro Loop, Manzano Expressway, anything East of 47 is not only crap, it can be dangerous. Ambulances don't even go into the area without police backup because of all of the stuff that goes on up there. Prices are cheap in that area, but there is definitely a reason for it!). That is about the only, truly unsafe area in the county.
I would recommend staying in the Los Lunas area as opposed to Belen (which is where I'm at) as Belen is experiencing quite the gang problem. I have heard that there are more gangs here than there are in Albuquerque and our crime rate is above national average for the population. In fact, I am looking at moving out of the valley, but for different reasons. Good luck with your move!
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