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Facebook's Billionaire Mark Zuckerberg rents? Rent vs. own debate continues

October 20, 2010 - One might think that when a young entrepreneur hits it big, they would consider moving into a lavish mansion or condominium.

However, a recent legal dispute has put a spotlight on billionaire Facebook founder Mark Zuckerberg's unexpectedly reserved lifestyle. He also recently invited cameras from "Oprah" into his Palo Alto, California, month-to-month rental home, showing that he lives modestly - with none of the lavish furnishings that might be expected of a billionaire - and usually walks a short distance to work at the Facebook headquarters.

While it's unclear why the financially secure Zuckerberg chooses not to set down roots and buy a home, many Americans across the country are faced with the decision of moving into a rental or buying a home. High prices of homeownership in cities like New York or Seattle are encouraging many people to consider moving into a rental long-term, according to a recent Trulia.com report. In fact, the website reported that nearly a quarter of renters today have no plans to purchase a home - ever.

Zuckerberg's modest lifestyle has come under scrutiny in a legal case with a man who says he has rights to 84 percent of the popular social media website. Paul Ceglia is attempting to have his case against Zuckerberg heard in a New York district court, claiming that the Facebook founder is not a legal resident of California as he claims. Ceglia's lawyers argue that Zuckerberg lives a "transient" lifestyle, moving from apartment to apartment on monthly leases and keeping his possessions in a duffel bag - a claim Zuckerberg's attorneys have denied. 

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