This is very true. I was born and raised in the Santa Clara Valley and moved away when I was in my early 20s. I couldn't afford to stay. This wasn't very recently either. I left in 1990 and followed a few jobs around and have now firmly planted my roots in Texas. There are actually quite a few ex-Californians here in North Texas.
We know of some military families who were stationed in CA just before the house price explosions began--and sold their houses at a nice profit when they left. I guess it just depends on what part of the cycle you buy in.