Elon Musk Is Nearly Worth $500 Billion But Lives in a Tiny $50K Rental House—Inside His Radical Minimalist Lifestyle
Why one of the richest people in history claims he’s happier living small
The Billionaire Who Walked Away From Billionaire Living
Elon Musk is closing in on a net worth of half a trillion dollars. That puts him within reach of becoming the world’s first trillionaire. Yet long before Tesla shareholders approved his record-breaking compensation plan, Musk made a surprising life decision: he started getting rid of nearly everything he owned.
For years, Musk had been seen as the definition of a larger-than-life tech mogul—multiple mansions, lavish properties, and status symbols that matched his rising wealth. But in 2020, he made a dramatic turn that shocked fans and critics alike: he sold almost all of his homes and chose to live in a small, rented house worth around $50,000.
His explanation was simple. He believed people attacked him for his wealth, and the only way to silence that criticism was to strip his life down to the essentials.
The Announcement That Started It All
“Selling almost all physical possessions”
In May 2020, Musk posted on X that he was “selling almost all physical possessions” and would “own no house.”
It didn’t take long for him to act on that promise. Just hours after the initial post, he clarified one condition: the historic home once owned by actor Gene Wilder must not be demolished or altered beyond recognition. Musk felt strongly about preserving its history and personality.
This was the first sign that Musk wasn’t just offloading assets—he was reshaping his public identity.
Why He Chose to Sell Everything
“People will attack me”
Later that year, Musk spoke to Business Insider and explained what pushed him to make such a drastic lifestyle change. According to him, the criticism about owning multiple properties had become a distraction.
“People will attack me and say, ‘Oh, he’s got all these possessions. He’s got all these houses.’ OK, now I don’t have them anymore,” he said.
It wasn’t about money for him. It was about perception, focus, and reputation. Musk believed his work—Tesla, SpaceX, and his many other ventures—was more important than the personal wealth attached to his name.
By 2021, the Downsizing Was Complete
From mansions to a tiny rented home
By mid-2021, Musk confirmed he had sold all his homes except for one Bay Area property, which he said was rented out for events rather than used as a residence.
Then he revealed the most surprising detail:
His primary home was a roughly $50,000 unit in Boca Chica, Texas, near SpaceX’s Starbase facility. He doesn’t own it. He rents it from SpaceX.
“It’s kinda awesome though,” he wrote at the time.
This small, three-bedroom ranch-style home on a quiet street is still his legal residence. When he voted in the 2024 election, Musk pointed out he did so in Cameron County, Texas—home of Starbase.
For a man whose companies build rockets, electric vehicles, AI systems, and satellites, his personal lifestyle has become incredibly minimal.
Why Musk Prefers Living Near Starbase
A home chosen for convenience, not luxury
Boca Chica is not an upscale billionaire neighborhood. It’s a small, quiet region on the Texas coast. But for Musk, its location is perfect. His life is dominated by engineering challenges, launch schedules, and development deadlines.
Living near Starbase means he can see rockets being assembled, tested, and launched without delay. He has often said that his personal comfort matters far less than staying close to the work he believes will shape humanity’s future.
To him, this tiny rented house is not a downgrade—it’s practical.
The Rumors That Won’t Go Away
Reports of secret mansions and a family compound
Despite Musk repeatedly declaring he has no personal interest in luxury homes, rumors continue to follow him.
In 2024, The New York Times reported that he had purchased multiple properties near Austin worth $35 million to build a private compound for his 11 children and their mothers.
According to the report, the alleged plan was to create a shared living environment so his children could spend time together more easily.
Musk quickly denied the entire story.
“I don’t own, nor am I building a compound in Austin,” he told Page Six. “No grand family compound/home has been built or is expected to be built.”
This wasn’t the first time he pushed back against claims of hidden real estate holdings—and it likely won’t be the last.
What He Does Buy: Property for His Companies
The Texas expansion is real, but the mansions aren’t
Musk has acknowledged that he invests heavily in Texas property, but not for himself.
Tesla officially moved its headquarters from California to Austin in 2021. SpaceX is growing rapidly in the state, expanding its manufacturing, testing, and launch facilities.
Buying land, industrial space, and development sites is essential to the growth of his companies—especially in Texas, where operations are scaling at historic speeds.
But he maintains that these purchases are corporate, not personal.
The Strategy Behind Musk’s Minimalism
A billionaire rejecting the billionaire lifestyle
Musk’s decision to sell his properties came at a time when he was increasingly portrayed as a symbol of extreme wealth. Critics argued that his lifestyle contradicted his public comments about global challenges.
By shedding his houses and simplifying his life, Musk gained several advantages:
- He removed common criticisms about luxury excess.
- He shifted attention back to his work and mission.
- He aligned his lifestyle with his publicly stated values.
- He emphasized that his wealth is tied to his companies’ stock—not personal consumption.
- He reduced distractions during periods of intense business growth.
His supporters argue that it makes him more relatable. His critics say the move is symbolic rather than meaningful. But either way, it is undeniably unusual for someone at his financial level.
Does Musk Really Live Like a Minimalist?
The reality behind the persona
A tiny $50,000 rented house is hardly what people expect from someone on track to become the richest person in history. But Musk has said many times that he doesn’t care about material possessions. His focus is on building rockets, advancing AI, creating sustainable energy systems, and preparing humanity for multi-planet life.
In that sense, his minimalism is not a publicity stunt. It is a lifestyle designed for a man who spends far more time in factories and launch facilities than in living rooms or backyards.
Even if his net worth reaches a trillion dollars, Musk gives no indication that he plans to return to a mansion-filled life.
Conclusion: A Man With Wealth, Without the Wealthy Lifestyle
Elon Musk’s decision to sell nearly everything he owned was unconventional, controversial, and surprisingly consistent with his personality. Critics still question his motives, and rumors of secret compounds continue to surface, but Musk repeatedly insists that he prefers simplicity.
His life today looks nothing like the lifestyle expected of a billionaire approaching half a trillion dollars. Instead of opulent estates, he has a small rented home. Instead of privacy behind giant gates, he lives near a launch site.
Whether one sees it as admirable or strategic, Musk’s rejection of material excess has become one of the most defining and unexpected chapters of his public image.
