You've only just arrived and hate it already? Oh boy, aren't you supposed to be in fantasy phase when you first arrive loving the place? hehe
Anywho, you just have to look at it for what it is, you win some you lose some, but look at the overall picture.
As far as housing, I've accepted the price as not bad because in return we don't have outrageous utility bills, cable/internet, mobile phone is cheaper, no car/insurance/fuel/etc., so really housing overall seemed ok compared to what you might pay in larger cities in the states.
As far as the LV bags, well I'm not an LV fan, but I've definitely learned to appreciate brands more, because I've noticed everytime I buy H&M, uniqclo, gap, or other cheaper stuff that it just breaks, so brand things *sometimes* last longer and have good quality. People here have more disposable income since they live with their families, so they spend it on food and brands.
Alcohol can help, haha, there are definitely times when I need a drink, but overall I drink MUCH less living in HK compared to the states, I think it's the humidity.
Do you have the choice to be in Hong Kong or is it required? I mean if you want to learn to be more open-minded, experience new things, then why not. But if you don't want to be here and justify it by money, doesn't make much sense. I'm sure people can make similar incomes in the states to here minus so I don't think money can overcome one who is miserable.
It helps to take long vacations and frequent trips back to the states, it helps you put things in place and realise that crap happens everywhere and not just here. But personally, it took me probably 2.5-3 years to adjust to HK. I've definitely had a lot of moments, but now it's easier to ignore stuff. Definitely I still realise whats going on and I don't like that, but it doesn't phase me and I just go on about my business. Yet, lately I'm still a tad frustrated with the hacking throat sounds in the MTR, lol.
Having hobbies can help too, go running, go exploring, go hiking, etc.
One friend once told me, to be in Hong Kong, you need a goal, and I really believe that. Without a goal, there is no point in being here, but with a goal, you have the best opportunity here at obtaining your goal.
Good luck and welcome to Hong Kong.