Warren Buffett Still Lives In A 1920s House That Cost $31K — Here's Why

Warren Buffett, one of the greatest investors of all time, is one of the richest people on the planet, but you wouldn't know that based on the clothes he wears, the cars he drives — or even the house he lives in. 

What To Know: The legendary investor is well known for living well below his means, and for good reason. The Berkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B) CEO pledged to give more than 99% of his wealth away during his lifetime or at death. 

Buffett, now 93, has lived in the same corner house in Omaha, Nebraska for the last 65 years. He purchased the approximately 6,500-square-foot home in 1958 for $31,500, according to a report from CNBC.

The house, which was originally built in 1921, has appreciated significantly, as do most of The Oracle Of Omaha's investments. The report indicates it's currently valued at around $1.2 million, per an estimate from Zillow Group Inc ZG Z. But that's still well below the residence where one might expect the world's fifth-richest person to be residing.

In a letter to shareholders in 2010, Buffett said the house is the third-best investment he has ever made behind a pair of wedding rings. That's exactly what you would expect from a man who doesn't measure success based on money or material things. 

Buffett once told a crowd of students at the University of Georgia that one's success in life should only be measured by the number of people who are important to you that actually end up loving you.

Related Link: Warren Buffett: There's Only 1 Measure Of Success, Without It 'Life Is A Disaster'

The house comes down to happiness and convenience for Buffett, who appreciates the simple things in life. It's only 5 minutes away from Berkshire Hathaway's headquarters and it keeps him comfortable year-round. 

"I’m warm in the winter, I’m cool in the summer ... I couldn’t imagine having a better house," Buffett told CNBC.

Read Next: Warren Buffett Says You Can Increase Your Worth By 50% By Doing This: 'All The Brainpower In The World' Is Useless Without It

Photo: Created with TEDizen images from Flickr.

Some elements of this story were previously reported by Benzinga and it has been updated.