When it comes to the lifestyles of millionaires, there are often misconceptions about their housing preferences and financial choices. A recent study conducted as part of the National Study of Millionaires done through Ramsey Solutions sheds light on where millionaires call home and how they manage their mortgages. Most don’t have a mortgage. Millionaires–and even billionaires–are much more frugal than most people think.

As financial circumstances improve, the instinct for many is to consider relocating to a larger and more expensive residence. However, in numerous situations, the prudent choice is to remain in one’s current home, gradually pay off the mortgage as income grows, and utilize the additional funds for investments, debt reduction, and other financial priorities.

In another survey of 10,000 millionaires done in the book “Everyday Millionaires,” it was found that millionaires save consistently, with 70 percent saving more than 10 percent of their income throughout their working years. The average millionaire has lived in the same 2,600-square-foot house for the past 17 years. Millionaires don’t keep their home mortgage for the tax advantage. The average millionaire paid off their home in 11 years and 67 percent live mortgage free, ESI Money reported.

While around 40 percent of Americans carry some form of credit card debt, only 6 percent of millionaires reported having any credit card balances. Only 18 percent of millionaires had car loans, compared to 35 percent of the general population, according to Retirement Made Easy.

One billionaire who reportedly lives by these principles is Warren Buffett. Despite having a net worth of over $100 billion, Buffett, who is worth a reported $120 billion, has resided in the same modest five-bedroom home in Omaha, Nebraska, he purchased for $31,500 more than 60 years ago.  It’s currently valued at about $1.2 million, according to Zillow’s estimate, CNBC reported.

He is even frugal when he eats. According to CNBC, Buffett usually has McDonald’s breakfast such as a egg and cheese for under $3.

In this May 5, 2019, file photo Warren Buffett, Chairman and CEO of Berkshire Hathaway, speaks during a game of bridge following the annual Berkshire Hathaway shareholders meeting in Omaha, Neb. (AP Photo/Nati Harnik, File)/Warren Buffett home, Business Insider screenshot,https://www.businessinsider.com/warren-buffett-modest-home-bought-31500-looks-2017-6