Where to live? I live not far from Guangfu Lu, and can give an opinion of expat living in that area. Others will be able to comment more about other areas of Kunming.
Factors to consider, your wife’s family, your work, how much you need expat company, if you have kids, and what you like to do in your spare time.
Your wife’s family is important. You will probably be expected see them at least 3 times a week, if you live close by. That could be seen as an advantage or disadvantage.
If you will work downtown, commuting can take a heavy toll, especially in Kunming at the moment. If you will work in the city centre, expect an hour commute each way on the bus (until the Metro is completed next year). From the Aegean it is probably going to be two buses. Traffic is heavy. Once the Metro goes through, there will be a station near the intersection of Guangfu Lu and Dianchi Lu, which is about 1.5 km west of the Aegean (about 15-20 mins walk). There are Taxis and Didi Che, but at peak travel times they can be a bit scarce, especially if it is raining. At peak times the area around the Aegean can get gridlocked. Generally, the best option for travel is ebike or bicycle, there are dedicated bike lanes.
If you have kids, of school age, then locations need to a suitable school are vital.
If you want expat company, there are a few expats in the Dianchi Lu area, but you will not meet that many socially in that part of town. On the south side of Guangfu Lu, opposite the Agean, is Hupan Avenue, about 500 meters down there is Wicker Basket (south). Wicker Basket is a western bakery/café that also has a short order menu. This is close to Kunming International Academy (KIA), and teachers and staff often use Wicker Basket, as well as living nearby. KIA has Christian origins, but has secularized a lot in the last 10 years. You will probably find that most of your friends will be from work. If you are someone who craves expat company, then Guangfu Lu may not be for you.
If you are someone who needs a full social life, then living downtown is important. Most of the expat scene revolves around Wenlin Jie, and Hongtadong Lu, although there are other venues scattered around the city.
For shopping and eating, there is the Aegean mall, and Nanya mall is about 3 km north of there, on Dianchi Lu.
There is also a Metro store and a Decathlon about 4 km south east along Guangfu Lu.
I about 7 km further south west of Aegean, which is more isolated, and find that a bicycle is a bit of a must, as at peak travel times driving and parking are a problem. The weather is very dry most of the year, and even in rainy season it is mainly warm, and so cycling is mostly pleasant.