It's official: Barack Obama and Michelle Obama are Washington D.C. residents!

The former president and first lady have been renting a home in the capital since they moved out of the White House in January, and now they've decided to officially make the big purchase.

"Given that President and Mrs. Obama will be in Washington for at least another two and a half years, it made sense for them to buy a home rather than continuing to rent property," spokesperson Kevin Lewis said in a statement to People.