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Sheet vinyl is among the most affordable and durable flooring options, with prices as low as $0.50 per square foot and a lifespan of 10 to 20 years. Other inexpensive and durable choices include standard vinyl plank ($2 to $7 per square foot), which mimics wood or stone and is great for high-traffic areas. Laminate flooring ($1 to $6 per square foot), linoleum, carpeting, and concrete can also be cost-effective options, with prices starting around $2 per square foot.

If you also need to know how to fill the gap between the floor and the baseboard, it's best to use a flexible, paintable latex caulk. Clean the area thoroughly to remove dust and debris. Then, apply a smooth bead of caulk along the gap using a caulking gun, and use a caulk-smoothing tool to press and smooth it into place. If the gap is large, you may need to insert backer rod, such as a foam filler, before caulking. Once dry, paint the caulk to match the baseboard for a clean, seamless look.

Although hardwood floors have a costly upfront expense, most homeowners find them to be worth the investment. They are incredibly durable and can last for decades with proper maintenance. Hardwood floors can also provide a high return on investment (ROI)—up to 118% on average—and add significant value and appeal to your home. Additionally, because they are easy to keep free of dust, pollen, and pet dander, they can sometimes help alleviate allergies for household members.

Moso bamboo, Phyllostachys edulis, is the most commonly used species for bamboo flooring. Moso bamboo is native to China and Taiwan, and it was later introduced to Japan and then the United States. In addition to flooring, Moso bamboo is used in textile production, and the shoots are edible. Moso is one of the fastest-growing plants in the world, which is why it’s an affordable and sustainable option compared to traditional hardwood.