Hi
Schools first, then a place to live.
Seriously.
The school situation, if you are looking for an English-language school, is considerably difficult. You may have a very hard time finding a school place in an English-language school at any price, let alone one that is low cost. You need to be doing some research into English-medium schools and then get on the phone to speak to the admissions office and see how long the wait list is for grade 5. For some private international schools the wait list is measured in YEARS!
Seriously.
As such, recommendations on where to live, at this point, are somewhat moot. We can name a dozen areas that might have property that suits you, but if your school is a one and a half hour commute each way then it just might not be practical.
Here is another list to consider from this site's school section:
English Direct Subsidy Scheme Primary Schools in Hong Kong