Kotkin's research looks at 2000 Census figures, which show that towns with high percentages of well-educated young people are poised for new or continued growth as centers of wealth and technology. Included in the list are Atlanta, Raleigh, NC, Lexington, KY and Wake County, NC. They are not considered among the high-tech elite, and would likely represent affordable real estate investment opportunities.

"As developers and investors continue to search for the next high-tech 'hot spots.' perhaps they need to look first at what the most recent census data is saying about where 'smart' people-those with college and advanced degrees-are now concentrated," Kotkin writes in a recent article on the topic.

"This data may reveal more about the location of high-income commercial centers and residential neighborhoods, both today and tomorrow, than any other conventional data. This means that educated people have not lost their critical role as generators of regional economic wealth, the ultimate source of property value. The latest 2000 Census data bears this out in sharp terms."