Not your usual HN topic, but given http://ycombinator.com/ycca.html I thought it would be apropos for the moment to get the HN take, outside of just comparing Cambridge and Palo Alto.
Meta: what factors do you take into account? Safety, schools, cost of living, nearness to family, etc?
As the children grow older, it's a good idea to look for a place with strong advanced curricula for secondary school students, such as UMTYMP
http://www.math.umn.edu/itcep/umtymp/
and PSEO
http://www.ohe.state.mn.us/mPg.cfm?pageID=797
in Minnesota, the PSEO clones Running Start
http://www.k12.wa.us/runningstart/default.aspx
in Washington State, Youth Options
http://dpi.wi.gov/youthoptions/youthop1.html
in Wisconsin, or other similarly named programs in a few other states. Especially cool is to have an explicit high school for the gifted such as Montgomery Blair
http://www.mbhs.edu/
in Maryland or Thomas Jefferson High School for Science and Technology
http://www.tjhsst.edu/
in Virginia or one of the several state "governor's schools" for highly gifted learners. Some families move to Reno, Nevada for the Davidson Academy of Nevada
http://www.davidsonacademy.unr.edu/
but so far I haven't tried it.