Exactly what Pam said: start making the changes you already described. You can work on the foundation of the room before you replace the furniture. I think a new light fixture and wall color can have one of the biggest impacts in a dining room. Do you want to keep the wall color or change it?

You should be able to peel up the carpet (ideally where you have a floor vent if you have them) to see if there really is hardwood under the carpet. But know that once you pull up the carpet, it will be a question if the wood floors are in good enough shape to keep. Hopefully, but maybe not.

Thank you! I'm completely redoing my kitchen first, so any suggestions on what to do with it that won't be too costly for the time being would be helpful... we have family and friends that want to see the place so I'd like it to at least look presentable while I'm finishing the kitchen!

Paint! I'd remove the chair rail, also. The most inexpensive way to make a big difference. Get a friend to help once you decide on color, that will make it fun. At the top of the Houzz page where it says photos is where you can search many images of different rooms and add those you like to ideabooks, or you can just get a feel for wall colors you appreciate. I also recommend looking around for art for the walls. This doesn't have to be expensive, there are many options. GL!

One other suggestion: hang some art! A blank room looks so much more interesting with some art.

Nothing's wrong with this room ... but nothing's 'specially right either. I think it's screaming for COLOR. I'd remove the wallpaper ... keep the chair railing ... add paint and art. That'll cost very little.

I agree that the carpet should go ... but that's more expensive. I'd do the walls first.

It may be putting the cart before the horse, but the room seems to want a hutch or sideboard or china cabinet. Since Millennials don't like brown furniture, you might be able to pick up something that would suit your house and the dining set for not very much money.

First thing I'd do is remove the chair rail (and wallpaper?) and paint. A new light fixture would be nice, but I'm not so sure I'd be in a hurry to get rid of it. Try to wait until you get new furniture. Fingers crossed that you'll have nice wood under the carpet. Start looking around for art.

The dining set looks cute to me.

If you are planning to keep the navy couch, what about having the chairs painted white and do them with navy fabric?

Maybe paint the base of the table, but leave the top as is.

I would paint the chandy white. White will go with style of it. Perhaps chalk paint or chalky paint spray. I sometimes use a flat white primer as it is not shiny.

Do you have any antique malls nearby? If so, perhaps go find a buffet. Put a big mirror over the buffet and a pair of cute lamps, one on each end.

If the budget allows, a colorful area rug.

The room should be looking better than presentable. :)

(If you do pull up the carpet, you may want to replace the baseboards with some wider base because what is there looks too small.)

I would as said before, remove the wallpaper, chair rail and paint it all once lovely color. Next I would pull up the carpet and tackle the floor. Once you have done this you will be able to get a better feeling for the space and what you want to do with it.