This week on Mac Power Users David and I discussed the new Office 2016 for Mac and that was only available for purchase as part of an Office 365 subscription with an individual purchase option coming soon. Of course, between recording and release of the podcast the option became available.
Microsoft has updated their purchase page to show a one-time purchase of Office 2016 for Mac is available for Home and Student users for $150. The license is valid on only one Mac an notably does not include any additional iOS licenses but does have 15GB of OneDrive storage. By contrast, An office 365 personal license for an individual starts at $7 a month or for $10 a month you can upgrade to a 5-computer license which includes 5 tablets and phones.
You can find more information on Microsoft's product page. Thanks to MPU Listener Neal for pointing this out.