Yes, but you left out that in most Asian-X cultures, first generation immigrant parents typically sacrificed almost everything they had, including in many cases the parental-filial relationship, to provide the children with enough education to claw their way out of their current situation and give them an extra leg up into a higher socioeconomic circumstance.
My parents had this expectation, and my wife and I gladly and willingly obliged on both sides as only children. This expectation/obligation became even more poignant when we had our own kids and realized belatedly just how much our parents had sacrificed for us. Whether driven by cultural norms (or not), we appreciate what our parents did for us so that we can "pass it on" now that we're on better footing than either side ever was.
While not always convenient or logistically possible, multi-generational housing (where one or both sets of parents live together or very close by) can go a long way to addressing astronomical housing costs at least until they need more intensive daily care due to aging.