Many homeowners would love to add hardwood flooring to their homes. That's because hardwood flooring can turn an otherwise average-looking home into a thing of beauty. But hardwood flooring is expensive. This can put some people off. Fortunately, there is a cheaper and in some ways better alternative — engineered flooring. While hardwood flooring comes in solid wooden boards, engineered wood flooring consists of multiple layers of plywood topped with a layer of natural wood, such as oak.