As a coder living in St. Louis, I can say that this hasn't been my experience at all. There is an exceptionally high demand for coders around here. Barely a week goes by without someone trying to poach good programmers. Its not necessarily all sexy startups, but there is an excellent market for programmers in general.

We have a fairly good startup scene (though obviously nothing on SF) and a large number of more traditional corporate employers of programmers like Express Scripts, Monsanto, Wells Fargo, Scottrade, Ameren, Charter, Anheuser Busch, Boeing, and Northrop Grumman. There is also an exceptionally active biotechnology scene here.