Why Elon Musk Lives in a $50,000 House: Elon Musk owned a lot of real estate in California. But in 2020 he went on a selling spree with his multi-million dollar properties one by one. In all, he has sold seven houses.
His eighth and only remaining home — a beautiful, Bay Area property he describes as a special place — came on the market in June. Price: $37.5 million. Not long ago, Musk packed his bags and moved to Texas—which, by the way, has no personal income tax.
While the Golden State imposes the highest level of income tax on its richest residents. There are plenty of fancy houses in South Texas, a half-hour drive from Boca Chica where SpaceX built its rocket facility for Starship.
But the world’s second-richest man says that instead, he has chosen to rent a tiny house from his company, located on a production site, that costs just $50,000. He reportedly lives in a foldable house in a box, according to Teslarati.
Windows and walls unfold into the 400-square-foot space with a kitchen, bathroom, bedroom, and living room. They’re made by a startup called Boxabl, which had no comment about Musk’s living conditions when I reached out to him. But the company is certainly hinting at a new customer.
In a promotional video from late 2020, Boxabl showed off a photo of SpaceX’s Falcon 9 with one of its units and what it had to say about a special delivery. We just installed it in Boca Chica, Texas for a top-secret customer.
Very exciting to have these guys from our initial customer. The portable homes have a starting price of $49,500 and are light enough to be towed by a Model X, which costs twice as much.
By living on-site – Musk has 24/7 access to all of SpaceX’s developments as it moves full steam in hopes of sending humans to Mars. Musk has famously signaled his commitment to his companies by placing himself at the center of the action.
Like he sleeps in Tesla factories. Or further, when he and his brother started their first company, they slept in the office and showered at the YMCA. In this case – their vision of a factory line of fully reusable launch vehicles stuns any desire to live a luxurious life.
Shortening his house is a metaphor for shortening his life to focus on his ambitions. And if making life multi-planetary wasn’t enough, he’s trying to solve traffic congestion with The Boring Company, making humans smarter by putting up tiny wires with Neuralink, and then, of course, their electric car company is Tesla, with a Gigafactory under construction in Austin.
His girlfriend Grimes confirmed that she too had moved to the capital of Texas.
Musk isn’t the only billionaire who lives frugally. Facebook’s Mark Zuckerberg has a famous wardrobe of simple, gray shirts.
One of the most successful investors of all time, Warren Buffet, often eats breakfast at McDonald’s. and still lives in Omaha in the same house he bought in 1958 for $31,500.
Still, it’s nothing like a tiny house in a box. Musk has also been spotted at another property in the village of Boca Chica, right next to SpaceX’s site. The CEO has been spotted living in this house that SpaceX has remodeled and is said to be one of the best in the neighborhood.
According to the Wall Street Journal, it was valued at $47,000 in 2020 and is now more than tripled in value. Real estate in Boca Chica has risen in value as Musk urged people to move to the area, saying SpaceX would have thousands of jobs in the next few years. Boca Chica is a small community.
There are about 40 houses here with no shops, restaurants, or even water pipes. Water is brought in. Most of the people living here retire and come to spend the winters. SpaceX has been offering to buy all the houses.
Some residents have taken the money while others have refused and complained about SpaceX trying to sell them off and threatening them. South Texas is precious to SpaceX because of its proximity to the equator that gives the rocket a boost in speed due to Earth’s rotation.
The company also has a long history in the Lonestar state. It has had a rocket engine test site north of Austin for two decades. SpaceX has indicated that it wants to develop the Boca Chica area into a resort. It posted jobs for a Resort Development Manager in 2020.
Musk envisions a city called Starbase that would encompass the small community. Boxabl has also pushed the idea of more housing units to expand the Starbase. For this $50,000 humble abode? Musk is unlikely to buy million-dollar Diggs in the future.
He has said that he does not plan to build the house. Who needs it when Mars is calling? To call Musk a busy person is an understatement. He reportedly plans his day in five-minute slots to make the best use of his time.
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