Start with how each one fails
Marketing compares strengths. Deciding is easier if you compare weaknesses, because the weakness is what you will live with.
- LVP: dents under concentrated point loads and can gap or telegraph over an uneven subfloor
- Laminate: swells permanently if water sits in a seam, and cannot be refinished
- Engineered hardwood: scratches and dents like real wood, because it is real wood
Water
Rigid-core LVP is the only one of the three that is genuinely waterproof as a material. Water-resistant laminate buys you hours, not days. Engineered hardwood tolerates a wiped-up spill and nothing beyond that.
This is decisive for kitchens with a dishwasher, laundry rooms, full baths and basements. It matters much less in bedrooms and hallways.
Scratch and wear
Laminate's aluminum-oxide surface is the hardest of the three and the best choice for dragging chairs and heavy traffic. LVP's wear layer varies enormously — a 20 mil layer performs in a different league from a 6 mil one, and the price reflects it.
Engineered hardwood will show life. Some homeowners want that; others are unhappy the first week. Wire-brushed and textured finishes hide it far better than smooth, glossy ones.
Feel, sound and warmth
Wood feels warmer and more solid underfoot than either alternative, and it is the only one of the three that adds the character buyers recognize as real.
Laminate is the loudest without good underlayment; rigid vinyl over a proper pad is the quietest. In two-story homes and attached townhomes, underlayment choice affects daily comfort more than most people expect.
Repair and lifespan
A damaged click-lock plank in vinyl or laminate can be swapped, though matching an older lot is not always possible. Engineered hardwood with a thick enough wear layer can be sanded once or more, which lets a tired floor become a new one without demolition.
If you plan to stay in the home for decades, refinishability is a real financial argument for wood. If you plan to sell in five years, durability and appearance for the money matter more.
A simple decision path
If any part of the area can flood, choose vinyl or tile. If the area is dry, high-traffic and budget-driven, laminate is hard to beat. If you want real wood grain and are on a slab or in a wide-plank look, choose engineered hardwood.