The two most practical vehicles I owned was a 97 Ford Ranger, and a 93 Acura Integra Hatchback. The Integra got 35 mpg, and had plenty of storage space. I fit everything I owned into it a few times when moving (minus furniture).
I was pleasantly surprised with the overall experience of the Hyundai Sonata, but not sure how well that works for storage. I never drove an Elantra, but I'd imagine it's comparable.
The hatchback is a nice option, although over time as the seals break down, you might experience increased wind noise and possibly even water leaks in the trunk.
Personally, I drive an Infiniti G, and my girlfriend drives a Mercedes SLK, neither of which are particularly practical by your definition. But, um, if you're ever in the market, I recommend test driving both of those.