The Family Living Index was created to guide parents - or soon to be parents - looking to futureproof their next move.
The Index analysed 35 of the UK's biggest cities against key factors that impact family life, including local school rankings, access to green space, likelihood of burglary, house prices, job opportunities and average salary.
City of Wolverhampton was ranked third, scoring highly on jobs and affordable housing, with an average house price of £135,108.
It also boasts a city park, 8 district parks, 99 open spaces, 30 neighbourhood parks, an urban farm, pitch and putt, 2 public lidos, 5 skateparks, 19 natural play areas, 50 traditional play areas, 23 multi use games areas, 34 football pitches, 2 cricket wickets, 4 areas with multiple tennis courts and 26 outdoor gyms.
City of Wolverhampton Council Strategic Director for Place, Tim Johnson, said: "More than £3.7 billion of investment is on site or in the pipeline for the City of Wolverhampton, helping deliver jobs in a variety of sectors.
"This index shows we are making good progress in regenerating the city, ensuring it is a place where people can enjoy bringing up a family.
"More than 85% of our schools are good or outstanding and we have a strong housing programme delivering new affordable homes and improving existing ones."
Newcastle took top spot in the index, Derby came second, with Southampton and Bath making up the top five.
It is another ringing independent endorsement of the city, following a Family Hotspots report last year putting Wolverhampton in the top ten cities to raise a family.
In the past 2 years City of Wolverhampton has also been named the fourth best city in the UK (out of 69) to start a business, a top 10 area showing gross value added (GVA) growth, and was fifth in Property Week's 'Hot 100 Retail Locations 2016' rankings for where in the UK investors can find the best retail and leisure opportunities.
Only last month, the city was ranked as the number one Western European City for manufacturing in terms of job creation by fDi Magazine (Financial Times Ltd).
- released: Wednesday 17 May, 2017