Wages should be through the roof. They are not.....
That just means the company doesn't consider the job role all that valuable - very common in IT disciplines, these days. If they can find somebody cheap and young or an H1B to do it, fine - but they don't feel overpaying hoary, old experts in a discipline that likely isn't the company's core competency really buys them anything.
In most firms, IT has failed to make the case to the business side that it is worth the money it wants.
Ours are through the roof. Six figures for 3-5 years experience in Java development.