South Koreans have a tendency towards luxury items and the pay there is not high, not to mention keeping up with others. There are stories of people living in their cars because they'd rather pay for a nice car than rent. One K-girl I hung out with a few years ago was actually a nurse, but said the pay was peanuts, so she turned to US K-org. She was dreaming about buying an apartment. They are extremely scared about getting found out in Korea, so they do it here, plus it sounds like not too hard to get a visa.
Then you look at the rental system in Seoul. Typically, they don't pay monthly rent like we do. They will fork over large sums of cash, like $300k, to the owner, stay in the place, then get the money refunded when they move out. That number keeps going up as property values have skyrocketed downtown. My good friend in Korea fills me in on all this stuff & I'm still baffled.