Composition of various wood floor samples
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The Significant Price Difference Between Hardwood & Laminate Floors
Hardwood flooring is preferred by 66% of Americans for their dream homes but comes at a hefty price, whereas laminate flooring costs much less and mimics the hardwood look.
Laminate costs $4-$14 per square foot and can easily be installed yourself. If you decide to hire a professional, it will still cost less than installating hardwood flooring.
Hardwood flooring can cost $7-$25 per square foot, but installation costs are higher. However, it can last 25-100 years if well maintained, while laminate only lasts 15-25 years.
Hardwood also increases home value by 3-5%, and its refinishing costs $3.25-$5 per square foot. This is a cheaper option than laminate, which will need to be replaced once damaged.