Slate is right for your property if you plan to own it for decades, your structure can carry the weight, and your budget can handle a roof that costs three to six times more than asphalt. If any one of those three is missing, you are better off with a different material.
That is the short answer. Now let's get into what actually drives that decision.

Slate is natural stone, quarried and split into thin tiles. It is not a manufactured product with a warranty backed by a factory. It is rock.
Two grades matter here:
There is also synthetic slate, which is molded polymer or composite made to look like the real thing. More on that later, because for a lot of properties it is the smarter call.
Here's the thing about slate: nothing else on the market lasts as long. A properly installed slate roof will outlive the person who paid for it, and probably the next owner too.
What you get:
Slate also handles Midwest weather swings well. Temperature cycling that curls asphalt shingles does not bother stone much at all.
This is the question that stops most slate projects before they start, and it needs to be answered first.
Slate weighs 800 to 1,500 pounds per square (a square is 100 square feet). Asphalt runs 200 to 350 pounds. So you are asking the structure to carry three to five times more load, permanently.
Older homes built before 1940 were often framed for slate originally, especially if that is what was up there before. Newer construction usually was not. Before anyone quotes you a price, you need:
That engineering report typically runs $500 to $1,500. Reinforcing framing can add $5,000 to $20,000 or more. Skipping this step is how ceilings sag and ridgelines dip.
Alright, let's talk numbers. Slate is expensive, and there is no version of this where it is not.
Installed cost ranges:
On an average 2,000 square foot roof, natural slate typically lands between $30,000 and $60,000. Complicated rooflines with dormers, turrets, and multiple valleys push higher.
Compare that to a $12,000 to $20,000 asphalt roof replacement and the sticker shock is real. But run the math over 100 years and slate wins, assuming you are not selling in five years. That is the honest calculation.
An asphalt roof replacement takes two or three days. Slate does not work that way.
Typical schedule:
Total: two to four months from handshake to finished roof. Material delays are the usual culprit, and color matching on repairs to an existing slate roof can stretch that further. Quarries run in batches, and the batch you need may not be the batch they are cutting.

Of course, none of this comes free of paperwork. Slate work triggers more review than a standard reroof in most jurisdictions.
Expect these:
One code surprise that catches people: many jurisdictions will not allow a slate installation over existing decking older than a certain age or below a certain thickness. That means full deck replacement, which adds $3 to $6 per square foot nobody budgeted for.
Slate is not the right answer for every property, and pretending otherwise does you no favors.
The real drawbacks:
If you are planning to sell within seven to ten years, you will not recover the premium. Straight talk.
Synthetic slate has gotten good, and it solves the two biggest problems at once.
It weighs 250 to 400 pounds per square, so no structural upgrade is needed on most homes. It costs roughly half of natural stone. Lifespan runs 40 to 50 years with warranties in the 30 to 50 year range.
What you give up: it is not stone, so it will not hit 100 years, and historic districts may reject it. But for a property owner who wants the look and the durability without the engineering bill, it is often the practical choice.
Slate is low maintenance, not no maintenance. Budget for these:
The flashing is what usually fails first. A slate roof that leaks is almost always leaking at a flashing joint, not through the stone.
Not every roofing company installs slate, and the ones that say they do are not all equal. Ask for these before signing:
If the quote says "slate roof" with no grade or origin listed, that is a red flag. Grade determines whether you are buying 60 years or 150.
Slate makes sense when three conditions line up: long ownership horizon, adequate structure, and real budget. Miss any one and the math falls apart.
Your next steps, in order:
If your structure cannot take the weight and reinforcement is not in the budget, synthetic slate gets you most of the way there for half the money. That is not a compromise, it is a good decision.