Las Vegas-based Boxabl is creating the $49,500 Casita, a 375-square-foot prefab tiny home, Business Insider reported.

And Elon Musk reportedly lives in a Casita, which already has a 47,000-person waitlist.

The multibillionaire lives in this tiny unit that he rents from SpaceX in Boca Chica, Texas.

These tiny homes have become an undeniably popular alternative to the classic family home or apartment.

The little living units have become so popular, they've attracted the attention of one of the world's richest men: Elon Musk.

In November 2020, Boxabl announced it had installed a Casita in Boca Chica, Texas for a "top secret customer."

The company's short history spans back to 2017, when the Las Vegas team decided to create its tiny homes after it saw a "huge opportunity to transition building construction worldwide into the factory assembly line," just like any other everyday product, Boxabl founder Galiano Tiramani said.

But unlike other prefab homes, the Casitas can be folded down from 20 feet to about 8.5 feet while it's being transported on a truck or towed by a pickup truck.

And when the Casita arrives at its final destination, the home just needs to be unfolded (which takes a few hours) and then attached to its foundation and utilities, before it's totally move-in ready.