The best lumber for framing a home depends on what you need:
Douglas fir: strong, works well for posts and beam, minimal cracking
Eastern white pine: relatively soft, inexpensive, easy to work with
Red oak: inexpensive, easy to work with, prone to decay
White oak: decay-resistant, hard, high shrinkage rate
Some homeowners choose to go with steel instead, which is significantly more expensive at $9.50 to $11 per square foot. It's extremely durable and has a low environmental impact, while also holding up better against termites.