Yes, in the upper income areas in particular, many first-time parents are late 30s/early 40s. I get the sense from DC friends that it is a pretty comparable demographic. Most people have two kids, but I know several families with three or four. No one that I know personally has more than four, though, and almost all of the 3+ kid families have a SAHP.
The Peninsula and the East Bay have very different vibes (see recent thread on this). Be sure to visit to figure out which is the right place for you (assuming both are in your price range!)