| That's not surprising at all. Some of my professors have been very high status: teaching graduate, dental and medical students, yet I've seen some of them drive cars that I wouldn't even think of owning. It just seems weird to see someone with so much status driving a banged up, early 90s Camry with a missing hubcap when most of the students drive better. And that was a 'high end' professor. I've had assistant professors in college who drove some serious beaters.
A lot of it has to do with supply and demand. In many fields, there is very little demand for professors: there are so many people with PhDs in that field that you barely need to pay them a living wage for the hours they put in. Even in high dollar fields, it's difficult to get grants (like the article mentions). At a private institution, your salary is tied to grants - about 80% of it. So if you're top dog in your field, you'll be doing well (enough). Nowadays with all the competition for grants, a lot of people in academics are squirming - they can't make any money or get ahead in their field, so at a certain point you have to say... 'yeah I like doing research, but my family would be better off if I work at McDonalds.' And so they do. | 
