Technology firms are increasingly expanding in cities with cheaper cost of living.

Over 80 percent of the U.S. population now lives in an urban area, and that number is expected to continue to rise over the next few years. Driven by economic prosperity, emerging industries, entertainment options and accessible transportation, people are moving to cities more than ever before.

One of the most impactful industries that is positively reshaping communities is technology. Start-ups and big tech companies are attracted to cities with cheaper costs of living and affordable office space vs. the more expensive Silicon Valley and New York City locales. Cities with a historically strong tech scene continue to be enticing as multifamily investment opportunities for investors hoping to grow their real estate assets. However, not to be overlooked are cities with revitalized urban centers due to the technology industry.