The average cost to replace 500 square feet of standard masonite siding is about $830 to $1,100 as of 2015. The costs depend on the size and the type of masonite being used. It can be as low as $640 for discounted masonite siding or as much as $2,000.
Masonite siding provides the look of wood on the side of a house without the steep costs of using real wood siding. Masonite siding is also cheaper than cement board and vinyl, making it a good option for homeowners on a budget. Fewer trees are used for masonite than for wood siding, which helps reduce the homeowner's carbon footprint. Masonite also doesn't carry the same risk of insect infestation.