Someone who lives or want to live in a stereotypical upper-middle class suburb, which usually can be a nice cul-de-sac as well. Because of this, they feel if they are living this life style, they will be happy.
Scott: So Tim, what happened with Kat?
Tim: She dumped me.
Scott: How come?
Tim: Because this other fella she was seeing also wanted the Wisteria Life.
Scott: That's fucking terrible. What are you going to do?
Tim: Nothing. It's her that wants to be the cliche, not me.