The Real Costs of Owning Hardwood Floors

In 2022, the hardwood flooring industry forecasted growth of $48.26 billion and will continue to increase in the next three years. While hardwood floors are becoming more popular due to their durability, look, and low maintenance, not many people ask about the real costs of owning these sought-after wooden floors. In this two-part series, get to know how much you need to spend to own and keep your chosen flooring in peak condition.

Average Costs of Hardwood Flooring Installation

Hardwood floorings are a timeless and elegant addition to any home. Although they offer several benefits to homeowners, they also come with high installation costs. But the expenses of owning new hardwood floors don’t come from the area coverage alone.

The average price of these floorings also depends on the labor and the materials used. While room size is the greatest factor, wood quality comes second.

The average hardwood flooring installation cost ranges from $6 to $18 per square foot. Homeowners can pay around $3,600 to $36,000 for new hardwood floors for their rooms or place. But that amount can double or even triple depending on the quality and specie of hardwood used. In 2022, high-end hardwood is worth over $25 per square foot.

Wood Factors that Affect Flooring Costs

Every remodeler wants the best hardwood floor material for their floorings. While it looks easy, choosing the best type of hardwood for your floors is far from easy and affordable. Here are some of the wood factors that affect the overall cost of hardwood floorings.

• Flooring type
• Specie
• Thickness
•  Grade

Depending on these factors, hardwood flooring prices per square foot can increase, excluding labor costs. When buying hardwood for your home, one of the first things you need to do is compare which flooring types are ideal for your remodeling project. In addition, you also need to choose which hardwood specie works with your design and budget, including its grade. Finding the right thickness for your floors is essential to finish your floor shopping trip.

Hardwood Flooring Cost by Flooring Type

The costs of hardwood floors vary on the material and the labor involved during installation. Flooring types can make the price of hardwood affordable or more expensive due to their composition and installation. Some are easier to lay out, but others require specific skills and experience to install perfectly.

When you compare wood flooring types in the market, solid hardwood and engineered hardwood flooring are the most popular. Traditional solid hardwood flooring comes from real wood planks from trees, while engineered hardwood is a veneer layer on top of the plywood.

One difference between solid hardwood and engineered hardwood is their prices, as the latter is more affordable. They can range from $3 to $14 for material costs and between $3 and $9 for installation. The total expenses per square foot of engineered wood are around $6 to $23.

Solid hardwood planks are more expensive due to their origin, species, and grade. While there are more affordable choices, these planks cost around $20 for material costs and tend to have a more intricate installation process worth at least $9. In total, remodelers can spend $28 per square foot of solid hardwood.

Hardwood Flooring Cost by Tree Species and Grade

Hardwood species have a significant influence on the costs of solid hardwood floorings. There are hundreds of wood species worldwide, and every specie has a distinct appearance and unique features that can affect its price. Some tree species are sturdier and more durable, while others have higher water resistance and are ideal for specific climates and weather.

Harder and more durable wood is often more expensive, but after the increased availability of exotic hardwood species, they became some of the costlier choices. Domestic hardwoods like white oak, hickory, and cherry cost $4 to $7 per square foot, while pine, red oak, and cypress can be as low as $2 to $6. Species like Brazilian walnut, maple, and mahogany can range from $6 to $10. Teak, an exotic hardwood, can be $13 per square foot.

In addition, wood quality or grades affect the standard and price of your floorings. Top-graded hardwood is costlier but is longer-lasting and handles wear and tear better. Grades also refer to the appearance and texture of the wood.  Low-tier graded wood costs $2 to $6, mid-tier hardwood ranges from $5-$10, and high-tier grade planks have prices between $8 to $18 per square foot.

The Costs of Installing New Hardwood Flooring

Hardwood floors are a sophisticated addition to any residential home or property. They come in different kinds and colors and have unique features. In addition, they need little to no maintenance while lasting for several decades. While they offer numerous advantages, installing new hardwood floors requires a hefty budget. Although some wood flooring types help with the costs, there is more to these floorings that make them expensive. Labor and materials like wood quality are the biggest factors in their price and longevity.