I've done many over the years, and also know of many done by others. Steel is much better then asphalt in a high-snow area. No ice dams and snow slides off instead of sticking and collecting. Eliminates the need for shoveling as long as pitch is decent. Anything steeper then 5/12 will be near impossible to walk without a rope to hold on to - even with good soft high-traction sneakers.
Prices depends on how fancy you want to get. Steel with raised ribs and exposed fasteners cost about $2 per running foot (three foot wide coverage). It's been going up though. The more expensive roofing uses hidden clips with no exposed fasteners.
Roofing over asphalt requires "nailers" running the width of the roof and spaced 24" apart. Usually 2" X 4" are used. If a thin gauge steel is used, a person that weighs over 175 lbs. has to be careful when walking in-between or you can get a slight "cave in."
One added benefit to reroofing is the ability to straighten out a roof with dips and dives - by shimming the 2" X 4"s.
Most new houses going up in my area now have steel. Also, in my area of NY, a max of three layers of old asphalt is allow to put steel over - as long at the rafters are strong enough for the added weight load.
For myself, I would never consider using anything but steel on any of my houses. I have four and reroofed all of them.
By the way, strange as it sounds - if you pick the proper color of steel - you qualify for a Federal energy credit. Sounds silly,but true.
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