A good hardwood floor that is well-cared for can last for hundreds of years and still be as beautiful as it was the day it was laid. Classic oak flooring made of ¾-inch solid hardwood was the standard flooring for most homes built before 1970. In some parts of the country, its installation was required by local building codes because of fire safety. These days, most people buy prefinished hardwoods, which require no sanding or finishing and have a durable top-wear layer in Knife River, Minnesota.

Engineered hardwood is designed to look like a solid hardwood floor. The top layer is 1/8-inch wood, in walnut, cherry, ash, red oak, beech or maple. The remaining layers are plywood or other wood products. The prefinished boards have a tough polyurethane finish. The engineered wood won't expand and contract with temperature changes as much as solid hardwood.

A traditional hardwood floor is undeniably expensive, but it can be sanded and refinished several times, while low-end, engineered hardwoods cannot. When they wear out, they have to be replaced.