Me!!!!! *^^* I don't have kids, but I had to be very practical in my choice of grad. schools. I only applied to three. Now, geographical consideration was not my only consideration; I still needed them to be a good fit/a good program. But I certainly had to be practical, practical, practical. As silly as it sounds, the thought didn't even occur to me that I would apply to 15 schools (which seems to be the norm here). (HOW do they pay for that, grad school is expensive enough! )
But I wouldn't worry about numbers: if you're a good fit, you'll get in, whether you applied to 2 or 20. Many people are probably just playing the "odds/numbers game," which is it's own brand of smart. Both ways are viable, though.^^ :-)