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When considering the price of your hardwood flooring, it may not be so much a choice between solid versus engineered hardwood; you'll find the prices are actually similar. But there is a wild range for both – sometimes anywhere from $3.00/sq. ft. to $14.00/sq. ft. Why the vast range? You are paying for the quality of the wood. Planks in the lower price range have more variations to their patterns – knots, discolorations, etc. The higher the price, the more even the color and the more smooth the wood. Exotic woods are at the highest end of the scale along with more unique manipulated design work, wider widths of the planks, color-staining and more.
If you're on a budget, use the lower-grade wood for smaller spaces that are not frequented as much, such as closets and foyers. Spend the bulk of your wood flooring budget on finer wood that will be appreciated in larger areas, like bedrooms and living rooms.