Time magazine has named Elon Musk its annual “Person of the Year” for 2021. The Tesla and SpaceX founder has been deemed the richest man on the planet with an estimated value of $266 billion. But the Time’s report noted that despite his mega-wealth giving him the ability to own any home he could want, the South African born entrepreneur is a renter.
“The richest man in the world does not own a house and has recently been selling off his fortune,” the magazine wrote in the profile. “He tosses satellites into orbit and harnesses the sun; he drives a car he created that uses no gas and barely needs a driver.”
Musk lives in a modest property valued at approximately $50,000 that he rents from SpaceX. However, as some news outlets have reported, the billionaire actually spends most of his time in a palatial Texas mansion owned by fellow billionaire Ken Howery. The mansion was once the most expensive private home in Austin – in contrast to the public persona of simplicity that is often associated with Musk.
Today, conforming no-point 30-year fixed mortgage rates are averaging 3.0 percent and 15-year rates are near 2.25 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (877) 700-0942 and your questions may be featured in an upcoming article.
