Traditional tongue and groove planks -- the thickest floor type -- typically cost more than engineered wood floors or pre-finished floors, and you'll also pay more in labor costs because the floors are finished on-site. However, prices can vary considerably, depending on the type of wood and finish you choose. Floating floors or other special installation features can also raise the price of the floor.
Thickness makes a difference when it comes to durability. Solid hardwood floors can be refinished several times, if necessary, and may last 100 years or more. Pre-finished floors are usually thinner and can only be refinished two or three times. Refinishing engineered wood floors may or may not be possible, depending on the product and the veneer's thickness. If you plan to keep the floors for many years, solid hardwood flooring is probably the best choice. Additionally, if you have children or pets, the floors will get more wear and probably require refinishing at some point.
Thick hardwood flooring creates a more stable floor than a thin product when installed on a wood sub-floor. However, thick hardwood floors are prone to damage from moisture and must have room to expand and contract with changes in humidity and temperature. In basements and bathrooms, thin wood floors, such as engineered wood products, perform better.
In addition to the thickness of the plank, you must also decide on the width of the plank. Traditional oak planks are 2 1/4 inches wide, although wider planks have become common in recent years. Wider planks may cost more than narrow planks, but perform the same in terms of durability and stability. The decision is largely an aesthetic one; narrow planks give a more formal, traditional feel, while wider planks have a more casual look.