Every decent programmer has stories of a time they put in 10 hours of work to save a highly paid person 20 hours/month for the rest of time. I say stories because there are many such. On my resume I list a number of cases where I added X millions/year to the bottom line of small-medium companies. It is not a complete list. What value should an efficient market put on a programmer who does that repeatedly?

For those willing to work as an employee in the Los Angeles area, the value the market places is significantly under $200k/year. Now you tell me, is that expensive relative to value?