I'm certainly a smaller town person at heart. Any smaller town of decent size has some IT jobs (hospital, school district, governments, whatever the major employers are).
The problem is that there isn't some vast pool of IT jobs available. You can't necessarily get exactly what you want, and if you do go unemployed for a while, there may not be an IT job at all for a while. Oh, yeah, and the pay is crap compared to big city wages.
On the flip side, houses in some smaller towns are coastal-jaw-droppingly cheap (quite functional houses go for $50k, sometimes less, in my part of Kansas).
With the low cost of living, if you save up well in the good years, you can live on near-minimum-wage jobs for a year or two looking for the next rare opportunity.