Find someone who will do the complete job for you, including the risers. Unfortunately, removing sheet vinyl from stairs and risers is a labor-intensive operation and you will have to pay the going rate. Be aware that some sheet vinyl has a mineral fiber asbestos felt backing, so you need to avoid dry sanding the stuff. Ideally, if this is an ACM (asbestos containing material) then it needs to be removed while using the accepted methods or you will need to employ an asbestos removal company to do that part of the job. A simple test can determine if this is an ACM. The date when the sheet vinyl was purchased can also help to tell you what kind of backing is on the flooring.

Most economical = carpet. After that, a solid finish (wood, cork, vinyl, tile, stone, etc) will require all the extras. Painted stairs will work...with plenty of elbow grease and with the FULL UNDERSTANDING the paint will wear/chip/"patina" inside of a few years. There are ways to lay a runner on the stairs and then trim out the edges of the tread/riser with wood-looking stuff. This will cut the cost in half of what I mention above. The other option is to place the runner and PAINT out the edges....creating a faux-painted-wood look which could be very handsome yet extremely practical. Notice how carpet keeps on coming up again and again? Yah. There's a reason for that. Those are builder grades stairs made for carpet.

It's a pretty good guess - could be more depending on the steel fabrication costs. My builder just put in some stainless cables and paid $8K just for the hardware. Working with steel his more expensive and required to get the open feel you are looking for. Labor is high due to the demand in commercial building for welders, etc. Expect it to continue to rise.

I’m not the OP but this question relates to my current dilemma. We are replacing treads on stairs and the “discussion” is stuck on the risers. Should they be stained to match or painted white. I have seen both but it seems more recent design is going with stained risers. Since the last time we tried to redo these stairs was 13 years ago and we couldn’t agree on a lot of things and scrapped the project, I don’t want to get stuck again. The pics are of our staircase ripped out carpeting, a pic with stained risers, and a pic with painted risers. Since we are going through the work and expense, I want to make sure we aren’t putting in dated design from the get go. The other point we are discussing is wood spindles vs metal.