This paper will distinguish between owner demand for housing, and that of investors. Such differentiation in demand should be viewed as an integral part of the decision to buy. A durable goods approach to homeowner demand for housing is developed, and then the traditional investment consideration is modified. An estimation using the durable goods approach reveals that demand for housing by owners is positively affected by rent, real income, and general price level; and negatively affected by the housing price and interest rate. The modified investment equation produces better estimation with correct parameters. Property price is positively related to owner demand for housing units, and negatively related to tenant demand.