If you were told a billionaire currently owns and stays in a tiny house worth about $50,000, would you believe it? If the answer is no, here’s something to change your mind. According to Forbes, Elon Musk, founder and CEO of Tesla and SpaceX, is worth $233.7 billion and currently resides in a prefab tiny home he purchased for a little less than $50,000.

Though tiny homes have become more popular than traditional family homes, the question remains: What made someone as wealthy as him purchase a tiny home? Well, according to Insider, Musk primarily uses it as a guest house. He decided to invest in a property in Boca Chica Village located in South Texas in close proximity to SpaceX’s launch site. The property is 375 square feet and was created by Boxabl, a Las Vegas startup company.

What Is a Prefab House?

A prefabricated, or “prefab” home, is a tiny pre-built manufactured off-site and transported to its final location on the homeowner’s property. The affordable and efficient tiny houses are typically less than 400 square feet and are designed based on functionality. With a 100,000-unit waitlist, these stylish and modern homes have grown to be popular. (So popular that they’ve caught the eye of one of the richest men in the world.)

The Benefits of Living in a Boxabl

Musk is dedicated to combatting climate change, which may further explain why he purchased a unit. Boxabl created the Casita, which includes a bathroom, bedroom, living room, and kitchen that is low impact to the environment and energy efficient.

These modular homes are foldable and can be assembled in under an hour, emphasizing the speed of construction. They’re cost-effective, customizable with more than one floor plan, and built to last. They’re also safe for the owner and the environment.

A Look Inside

This tiny home is impressive and modern, much like the new build of homes today.

Design

Musk’s house’s sleek exterior design features long-lasting, high-quality walls that are made to withstand harsh weather conditions and maintain its appearance. You can see the glass floor-to-ceiling doors that double as windows, making the design extremely modern and allowing natural light to seep through.

When it comes to the interior, it’s equally impressive. Even though the space is shy of 400 square feet, each square foot is being maximized with smart storage solutions. The open, customizable floor plan creates a welcoming environment with a cozy design, allowing any guest that stays to feel at home.

Bedroom

With built-in storage, this sleeping area also comes with a foldable Murphy bed that can sleep two people. It folds against the wall when it’s not in use to preserve space and open up the bedroom area for other uses. The built-in storage is the perfect separator from the bedroom and living room, creating privacy. The storage space is big enough to hold clothing or other personal items.

Dining and Kitchen Area

The studio apartment-like home comes fully furnished with brand-new appliances. The kitchen features dual sinks, an oven, a dishwasher, a faucet, a microwave, and a refrigerator. The area also includes a mini dining table that connects with the countertop along with barstool seating, making it easy to enjoy home-cooked meals.

Living Area

This multifunctional area was designed for more than just a living room. It includes a comfy sofa that doubles as a pull-out bed for accommodating more than one guest, and it also has an entertainment area with a mounted TV.

Bathroom

You can assume the size of the bathroom in this tiny house is compact and closed in, and you’re right. Contrary to popular belief, though, it has everything you would have in a standard bathroom. It includes a modern toilet, full shower, and sink. All amenities are strategically structured to fit in a small space while being functional and comfortable.

Despite the tiny size, this eco-friendly and up-to-date home makes a huge impact, as it has every home necessity you’ll need to have an enjoyable living experience.