I've been in Belton most of my life. I've left multiple times, but always ended up back here. Also moved to the San Fernando Valley and experienced Cali temporarily.
With that being said.. Schools are deemed great here. I disagree as a former student. But compared to what Temple/Killeen or other nearby areas offer, it's a good choice. I lost interest when they started pushing REAL hard on test scores about ten years ago.
Living is super cheap compared to Cali in every aspect. You can get a pretty sweet spot for $1,500 and up. And I'm talking full blown 3B/2Ba that would cost an arm and leg in Cali.
Now the downside is the lack of jobs outside of low paying jobs such as retail, fast food. Personally I had to go to Waco for school and my last two jobs are in Austin. If that says anything about college/jobs for you and the kids. UMHB is a local private Christian college that has way too high of a price tag for a city lacking better paying opportunities.
We do have Scott&White and Seton nearby (within 10-15 minutes) which is nice. Can't speak for Seton but S&W is bearable.
The lake is nearby which is nice at certain spots, but people don't seem to care about it. I hate driving by and seeing trash (and even a bed) around the edges of the lake.
We have the Expo which tries to do fun events such as social meetings, sells and concerts. Also the farmer's market every third Saturday. Basically all of the necessities with the small town feel.
Also Grand Avenue Theater which I personally love.
Temple has some shopping and a few activities to offer, like Spare Time. But pathetic compared to any other city in Texas or Cali.
But if you're wanting a cheap, small town, it's not a bad choice. You have Waco less than an hour North. Georgetown/Round Rock/Austin within an hour South. Killeen and the base within 25 minutes West. And I-35 cutting through town that can take you almost anywhere.
Forgot about Summer Fun (mediocre water park). Also avoid some apartment complexes that are trashy with drugs and unsupervised children doing things they should be. I won't name drop but it's near Miller Heights Elementary. I would suggest looking near the Lake/Belton High School for nicer housing.
But again, if you're willing to commute for work (if you want anything worth your time). We have a newer 'Industrial Park' starting but it's nothing great.
If you have any other questions, I'd be happy to help out.