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A stair runner can be cheaper than a carpet and will definitely save money over the cost of refinishing hardwood floors and stairs. The price depends, however, on the fabric and quality of the runner. A wool stair runner can be more expensive than an inexpensive polyester carpet and vice versa. Keep an eye on your budget, knowing that the higher quality the carpet and the carpet pad, the better the carpet will wear over time.

Carpet padding costs an average of $510 to purchase and install in a 225-square-foot room. The price can range from as low as $170 to as much as $850, depending on the brand, the thickness, and the labor cost. Although carpet padding will increase the overall cost of carpet installation, it also helps the carpet hold up longer, reduces noise in the room, and provides more insulation.

The average cost to install new flooring is around $3,162, with a typical price range between $1,530 and $4,860. On a per-square-foot basis, you can expect to pay an average of $3 to $22, including installation. Several factors influence the total price, including the flooring material, project size, geographic location, and any special features. Material choice is a significant cost driver; vinyl plank, linoleum, and carpet are on the lower end ($3 to $7 per square foot), while stone, tile, and hardwood are more expensive, with hardwood reaching up to $22 per square foot. Prices can also vary by region, and installing flooring on stairs will add to the cost, typically ranging from $11 to $160 per step.

If the stairs are already covered in carpet, you will need to remove the old carpet and possibly the carpet pad. Any damage to the stairs like cracks, loose boards, or creaky treads may also need to be repaired. You may also want to sand and refinish or paint wood stairs before installing a carpet runner.