Warren Buffett calls himself ‘cheap’ for still living in the same house he purchased for $31,500—despite having $168 billion to his name

Trump has told Walmart, $WMT, to 'eat the tariffs' instead of raising prices

Moody’s downgrades US credit rating to Aa1 from Aaa

YouTube, GOOGL, viewers will start seeing ads after ‘peak’ moments in videos

CEOs say that just a fraction of AI initiatives are actually delivering the return on investment they expected

At 94, Warren Buffett still lives by the principle of frugality—so much so that he once drove around with a license plate that read “THRIFTY.”“I’m cheap,” he openly told CBS News’ Norah O’Donnell.True to that admission, Buffett still resides in the Omaha home he bought back in 1958 for just $31,500. The house, built in 1921, spans 6,570 square feet and includes five bedrooms and two and a half bathrooms. Despite being valued at around $1.3 million today, it’s modest by billionaire standards. Given Buffett’s current fortune, he could afford to purchase the same property more than 129,000 times over.Yet, for Buffett, the house carries emotional weight. “I wouldn’t trade it for anything,” he said, pointing to the memories of raising his three children there—an example of the classic notion that happiness isn’t something money can buy.Billionaires vary in how they live—some go big, some stay groundedBuffett’s taste for simplicity stands in contrast with others in his financial league. Bill Gates, for example, owns a sprawling estate with seven bedrooms, 24 bathrooms, a trampoline room, an indoor pool, and a sauna. His home is nearly ten times the size of Buffett’s, and despite now living alone, Gates says he has no plans to move.“My house in Seattle is huge, I’ll admit,” Gates told The Times. “My sisters have downsized. I haven’t. I enjoy the homes I have. My kids still come back—that’s a luxury. I don’t cook or make my bed, but I don’t care if no one else does either—I wouldn’t even notice.”Elon Musk, who previously claimed to be living in a $50,000 prefab home near SpaceX’s Texas base, reportedly bought a $35 million estate to accommodate his large family. Still, between his role leading the Department of Government Efficiency (DOGE) in the Trump administration and his business ventures, it’s unlikely he spends much time at either property.Buffett stays grounded while others head for luxury retreatsWhile Buffett remains in his longtime Nebraska home, other billionaires have gravitated toward sun-soaked locations. Florida’s high-end coastal communities—such as the area dubbed “Billionaire’s Beach”—have become popular among the ultra-wealthy. Figures like Donald Trump and hedge fund manager Ken Griffin have scooped up properties there, some listed at up to $88 million.Lavish or minimalist, billionaires clearly have the means to live any way they choose. But Buffett’s decision to stay put in Omaha, a place with a much lower cost of living than coastal hotspots like Beverly Hills or Manhattan, reflects a deeper financial philosophy: spend only when necessary.