Wolverhampton is normally viewed from 2 places by outsiders. On the train to and from Wolverhampton, and if the m6 is blocked and people get diverted. As others have said the NW of the city has some lovely places to live as does the SW (Penn and outskirts). Wolves players and their families have no problems living in any place like Tettenhall and wood, Penn, Finchfield, and Compton.
As urban areas go this city is in a great place being right on the South Staffs and Shropshire border.
I've lived in Wolves all my life. in the 60's, 70's and 80's i lived in Aldersley, and the club had houses in Green Lane the some of the players stayed at.