President Bush and first lady Laura Bush have bought a home in an affluent neighborhood of north Dallas where they will live after the president leaves office in January.

Mrs. Bush's press secretary Sally McDonough said Thursday that the Bushes purchased a home in the Preston Hollow neighborhood, which has some of the most expensive homes in Texas and is home to some of the state's wealthiest residents.

The Bushes, however, will continue to spend some time at their ranch in Crawford, Texas, McDonough said.

The president and Mrs. Bush do not yet have occupancy of the home in Dallas, so the White House is not giving out any further details at this time, she said.

The Bushes previously lived in Dallas from December 1988 through January 1995, before moving to the Texas governor's mansion in Austin, Texas.