The first part yes, the second part, no...but that's fine. Those who value lower costs of living over pretty much all else, can go elsewhere, but as a CA import, I'll pay the premium to be here than in 108 degree Austin, TX. The job market is a helluva lot better for my field to boot.
If you're eyeing the career move for the money, don't. You're guaranteed to be unhappy and make everyone else unhappy as we have to sift through your work, which will suffer if your heart's not in it. If you want money and a more accessible gig, I'm pretty sure law degrees were made just for that purpose;-)