Elon Musk Lives in a Tiny House. Should You?

Elon Musk's home costs less than his Tesla.

Elon Musk, the richest man in the world, lives in a $50,000 house. In a recent quote, Musk stated: "My primary home is literally a ~$50k house in Boca Chica / Starbase that I rent from SpaceX. It's kinda awesome though. Only house I own is the events house in the Bay Area."

Musk, who is worth $230 billion dollars, has sold seven of his mansions in California the past two years. In 2021, Musk announced that Tesla would move its corporate headquarters to be closer to its sister company SpaceX in Texas. Musk has downsized to a tiny home as part of his pledge to "own no house" and says it "feels more homey to live in a small house." Here is the definition of a tiny home and the benefits they come with.

What is a tiny home?

A tiny home is a home that is smaller than 400 square feet. This is about 1/5 the size of a traditional home, which averages 2,261 square feet. Tiny homes can even be as small as 60 square feet. There is no set maximum limit, but they are rarely larger than 500 square feet. 

The average cost of buying a tiny home is $45,000 and the average range is $30,000 to $60,000. Based on the amenities you choose, a tiny home can be as low as $8,000 and as high as $150,000. 

What are the benefits of a tiny home?

Many people are looking to live a more minimalist lifestyle. With less clutter, you can live more efficiently and with less stress. Having less space and physical items can create room in our lives for more important things. 

There are also a number of financial benefits of owning a tiny home. It costs significantly less to build and has lower upkeep costs. The cost of utilities, maintenance, and property taxes are much lower. Tiny homes are easier to clean and much more sustainable. When you live in a tiny house, you reduce your carbon footprint because you use less energy to heat or cool your home. Many tiny homes are mobile, giving you more freedom to pick up and move.

Musk has been vocal about his vision to colonize Mars and reduce his physical footprint here on earth. Living in a $50,000 home has been more "homey" for Musk. If living a minimalist lifestyle is for you, then a tiny home may be for you, too.