We prefer a neighborhood with a residential vibe that is good for walking and of course has good mid range restaurants and caffes:
It's been about 5 years, but we enjoyed the Hotel Lancaster, Via Abbondio Sangiorgio 16. It's north of the beautiful Sempione Park, north of the center. Our favorite restaurant was just a few blocks away, and there are other hotels in the area, but it did seem to be mostly apartments buildings and parks in the area. Trams and buses are also available, but we almost always walked where we needed to go.
I just checked Trip Advisor, and the hotel still gets great reviews. When we were there it was very inexpensive; it looks higher now, but I suspect most Milan hotels are higher still. We were particularly impressed with the service. The staff went out of their way to make us comfortable. We would certainly choose to stay there again, should we be fortunate enough to return to Milan.
Thank you for suggestions.