To me, it would depend on whether you plan to sell your house in the 'near' future and how close the laundry is to baths or kitchen counters. Personally, I think formica is fine but if the laundry counters are near the kitchen, I'd continue the decor.

The least expensive will likely be the preformed Formica at the big box store. You may want to consider butcher block from Ikea. After that your local slab yard may have pre cut slabs or left overs or discontinued colors.

First think about function: what else are you doing in the laundry room? Crafts ,painting clean up, pet grooming, mudroom for busy family are some of the things that come to mind. You don't want any counter surface that will stain, fade, chip or burn IMO. That eliminates formica for me. It also gives minus points to porous stone, natural or engineered. Consider commercial surfaces if you expect hard useage. I replaced a laminate surface in my laundry room when my daughters were making jewelry and tried a soldering iron. I went commercial. Not for every one but form should follow function. Keep enough room for your machines before you put in that counter. Good luck.

laundry room will be upstairs near bathrooms and i don't plan to sell anytime soon. I think I would be fine with the wear and tear of formica, just curious if thats better and in the same price range as a cheap granite?

Cost of granite versus caestone is about the same. Well, the engineered stone is a smigen more.....but in the grand scheme of things, it's the same price IMO. Buy Once. Cry Once I say.

We went all white. White Caesaertone with Hi Lacquered White Cabinets.

I'm thinking the same way mrspete. thanks!

My parents have 30 year old formica in the kitchen- it still
looks brand new, if perhaps a little faded. They are careful with their things,
and very clean people. I think it would do fine in a laundry room if you
consider yourself someone that is conscientious with your home and belongings.

For years there was formica in my kitchen before we remodeled it in 2011. That formica was probably from the 60's or 70's, or maybe the 50's. Anyway, it wore like iron. I would definitely use formica or Wilsonart. They come in beautiful colors too. Cheap granite is ugly IMHO. If you have lengths that are too long to get at a box store, have someone install the lengths you need. All Formica counters:

3458 Travertine Silver 180fx® with Ogee IdealEdge™ · More Info

Contemporary Kitchen · More Info

Contemporary Kitchen · More Info

6700 Lava Flow Formica® Laminate · More Info

Rauch Residence · More Info

And finally a laundry room in a fun wall and counter:

Harrell Renovation 2011 · More Info

If this is just countertop, The Formica in the cash and carry at the big box store is going to be $20 or less per linear foot. You really can't beat that price. I would start with that and if you really don't like it change it out in a couple of years when it won't feel like just another enormous expense.