Billionaire Warren Buffet still lives in the same $31,500 house he bought 60 years ago

Well known for his frugal ways, Warren Buffet still lives in the same home he purchased 65 year years ago.

At 92, Buffett still stays at the modest five bedroom home in Central Omaha in Nebraska. He bought the house for $31,500 way back in 1958. By today’s standards he would be buying it at $329,505.

CNBC’s Becky Quick who has interviewed him many times describes him as authentic person.

Authentic Warren Buffet

“Warren Buffet’s authenticity really runs through because he lives what he says,” said Quick.

The home spans 6,570 square meters and is approximately five minutes from Berkshire Hathaway’s corporate headquarters. It is currently valued at $1.2 million but Buffet says he is not planning to upgrade to newer swankier dwellings.

“I’m happy there. I’d move if I thought I’d be happier someplace else,” he told BBC’s Evan Davis in 2009.

“I’m warm in the winter, I’m cool in the summer, it’s convenient for me. I couldn’t imagine having a better house.”

Warren Buffet is so well known for his penny pinching ways that he only recently swapped his $20 flip phone for an iPhone 11 in 2020.

Another rule he practices is never to spend more than $4 on breakfast. According to a CNBC Make It report he typically buys the same breakfast from McDonald’s and orders one of three items: two sausage patties for $2.61; a sausage, egg and cheese for $2.95; or a bacon, egg and cheese for $3.17.

Marked down cars

While other billionaires invest in flashy expensive cars, Buffet says he prefers to acquire cars that have been modified and fixed up at reduced prices.

“The truth is, I only drive about 3,500 miles a year, so I will buy a new car very infrequently,” he told Forbes magazine.

His motto has always been, “Do not save what is left after spending, but spend what is left after saving.”

He also believes in never borrowing to invest. “I’ve never borrowed a significant amount of money in my life. Never. Never will. I’ve got no interest in it,” he said to students at Notre Dame in 1991.

The billionaire also favours cash over credit. In an interview with Yahoo Finance editor in chief Andy Serwer in 2019 he famously said, “98% of the time. If I’m in a restaurant, I’ll always pay cash. It’s just easier.”