Former President Obama and his wife Michelle purchased the Washington, D.C. home they had been renting for $8.1 million on Wednesday.

The Obamas decided to stay in D.C. until their youngest daughter Sasha finishes high school at Sidwell Friends School, where she will enter her junior year of high school in the fall.

"Given that President and Mrs. Obama will be in Washington for at least another two-and-a-half years, it makes sense for them to buy a home rather than continuing to rent property," Kevin Lewis, the Obama's spokesman, told the Chicago Sun-Times.

According to the Sun-Times, the Obamas will also continue to own their Chicago home in the South Side Kenwood area.

The Obama's new home in the Kalorama neighborhood was previously owned by former Clinton White House press secretary Joe Lockhart and his wife, according to the Sun-Times. The home is 8,200 square feet, has either eight or nine bedrooms and a "gated courtyard for eight to 10 vehicles," according to the mansion's property listing from last year.