(MONEY Magazine) -- When Millie and Scott Pollack decided to leave New York City four years ago, good schools, city amenities and reasonably priced homes topped their wish list. That last item is tough to find near the Big Apple. But as the Pollacks traced the train line east into Connecticut, they found what they were looking for in Fairfield, a 75-minute commute from Manhattan for Scott, 36. "It was the most affordable town and very family-oriented," says Millie, 34, now a mother of two. Though home prices have since shot up, Fairfield remains adraw for young families: Homes start at $350,000, and property taxes are low for the New York metro area.

Fairfield is more than a bedroom community. It's got a thriving downtown and two Fortune 500 companies (General Electric and tea maker R.C. Bigelow), as well as Fairfield and Sacred Heart universities. A third of the residents work in town. And most everybody stays here on the weekends. "There's always something to do with the kids," says Millie, a part-time bookkeeper for a local wine store. "But plenty for adults too. It feels like a small town but without all the drawbacks."

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From May through December, Fairfield hosts three to 10 community events each weekend. Fairfield isn't racially diverse - just 7% of the population are minorities. But it is mixed economically, with working-class neighborhoods and posh areas like Southport, where GE CEO Jack Welch lived for many years. The schools are among the state's best, and Fairfield is one of the safest small cities in the country.

One big downside: congestion along Interstate 95 and the Merritt Parkway, the main drags for commuters working in nearby Stamford and Norwalk. During rush hour, a 20-minute ride can turn into an 60-minute headache. On the border with Bridgeport, the city is building a third commuter rail station as part of a large commercial development that will include a hotel, shops, restaurants and a park. "Our biggest challenge," says Mayor Ken Flatto, "is keeping our small-town identity as we continue to grow."

Next City: Eden Prairie, Minn.