Lived in the Burbs for almost 20 years (as an adult) and then in River Oaks for the last 9.
If you live inner city, may well want to have your children in private schools. But, you get no commute, access to great restaurants and entertainment, and just a wonderful lifestyle. Plus, crazy property appreciation. Can't believe I did not move into town years ago. River Oaks is very safe, and you are walking distance to pubs/bars, restaurants, private schools, and public schools.
Burbs are far cheaper, but tend to be generic. Chain restaurants and very homogeneous. A pervasive sameness. Big box and strip centers. Plus, you will spend something like 10 hours a week, week after week, just on the cummute. I enjoyed living there, but its soulless, and the commute is a grind that just wears on you.
As far as Burbs go, its basically pick a direction - N/S/W - and they all suck as far as access to Downtown. We expand the freeways, and the commute gets easier. Then they build more houses, and its back to the suck. Rinse and repeat.
Be real clear on what does and does not flood. The rule is like this. If it has flooded before, it will again, and if its near an area that flooded before, it will likely flood in the near future. The flood area basically expands with each new event.
I love Houston, grew up in Houston, and it will always be my "home." But, it takes some getting used to. The heat and humidity, for example, takes a bit to adjust to for many northerners.