The Tesla and SpaceX CEO owns a home in South Texas

Elon Musk is worth a reported $192 billion – so it may come as a surprise that he purchased a tiny home for just $49,500.

The Tesla CEO and founder has claimed that he doesn’t have a main residence but the home he stays in most frequently is a modest property in Boca Chica Village in South Texas, a location he picked due to its proximity to SpaceX’s launch site. Take a look inside below…

WATCH: Inside Elon Musk’s tiny $50k homeInside Elon Musk’s tiny $50k homeElon Musk bought a pre-assembled home to use as a guesthouse on his property0 seconds of 30 secondsVolume 90%

Elon dropped almost $50k on a 375-square-foot prefab home created by Las Vegas company Boxabl. The ‘Casita’ boasts a bedroom, full-size bathroom, living room, and kitchen. It also claims to be fire, water, bug, mold, and wind resistant.

Despite its tiny size, the home features tall ceilings with big windows and skylights that fill the space with natural light. There are also all the modern kitchen appliances you would find in a bigger property like an oven, dishwasher, and fridge. There is even an island counter and room for a huge table.

© InstagramThe Boxabl, dubbed ‘Casita’ has an open plan design and ample storage space

The minimalist yet cozy interior has an open floor plan with clever storage solutions that maximize every square inch of available space. The bed is big enough for two people and it is separated from the living area by a large unit that features more storage space and a TV.

The kitchen has all the mod-cons you would need

However, while Elon’s pre-assembled home is designed to be multifunctional, he admits he doesn’t actually live in it but uses it as a guesthouse on his property.

© InstagramElon Musk owns a Boxabl he uses as a guesthouse

“I use the boxabl as my guesthouse, so if a friend comes and stays then they can stay in the boxabl if they want,” he said on the Full Send podcast.

In fact, Elon’s guesthouse cost him more than his home base. “The house I bought actually cost less than the boxabl, it was $45k or something, but I’ve done a lot with the place. “It’s technically a three-bedroom, it used to be a two-bedroom, but I converted the garage into a third bedroom,” he added.

The boxabl has large floor-to-ceiling windows and a bed with room for two people

Elon admitted that even his friends are surprised by his modest living situation considering he has been named the world’s richest person by Bloomberg’s Billionaires Index. He said: “[They] come and stay and they can’t believe I’m staying in this house.”