The two hour thing really puts a limit on things. Heading up 87, I have to agree, Pine would be my first choice.
There's a lot of pockets of stuff around Payson as well, but it takes some hunting and to be honest,
while Payson is cooler, it's not that much cooler.
Just throwing out some unconventional, not-quite-rim options that also fit with the two hour limit, but
up I-17 instead:
If you don't mind a long-ass (28 mile), scary single-lane mountain dirt road, there's some bargains to be
had in Crown King (because a lot of people do mind.) Crown King is at 6,000 feet and some of the places there are
over 7,000, so it's pretty cool there.
There's some other pockets in the area, like some homes for sale on the mountains to the west of Mayer
that are also in the high country. (Check out Breezy Pines Rd or Big Bug Mesa Rd in Mayer listings,
you'll see what I mean.)
If easy highway access matters to you, though, you're really going to be stuck with the short list of
communities just north of Payson everyone has mentioned. You might add Christopher Creek to the
east of Payson, there's a small pocket of cabins both north and south of the 260 there that's probably
at the very limit of two hours from parts of the Phoenix (e.g. Fountain Hills and Mesa near the 87.)