Many home owners steer far away from wall coverings for exactly this reason, in fact; while paint is easily covered up, wall paper needs to be stripped before either painting or re-papering the walls in your home.
Rest assured, the new wall coverings available are not the same as in years gone by, though some of the designs have a distinctly retro feel. Papers range from Victorian to geometrical, from vinyls to fabrics, and small repeats to entire murals. And as with all decorating elements, there is a product for every budget range.