Originally posted by: rivan
You'll be somewhat limited in that area for that price range - Shaw park's in Clayton, near Richmond Heights and University City. It's quite close to Washington University and Forest Park. It's a very nice area.
The more affordable areas with an easy commute would be Maplewood and Rock Hill. There are parts of University City that are more affordable, and parts of St. Louis City (the Hill/Southwest/Dogtown, etc) are perfectly good to live in. If you look at the City (as opposed to the County, where the other communities I've mentioned are) be sure to stay south of I-40 (slightly north is ok in some areas). A slightly longer commute (but still not bad - 20-25 minutes perhaps) would get you to places like Shrewsbury, Crestwood, Kirkwood and Webster Groves. It may be difficult to find pricing like that in Kirkwood/Webster but shouldn't be a problem in Crestwood. I live in Webster Groves and work within about a mile of Shaw Park.
FYI, there's major construction on I-40 (I-64, oops... it's US40) right now and is an inconvenience for commuting south (most of the places I've recommended) from the area you'll be in. However, the construction's slated to be complete at the end of this year.