A matter of personal preference. I personally hate carpet. The carpet will be the cheaper option. Practical??? The hard surface flooring, either actual wood (the most expensive) or engineered wood or laminate. There is always a path from either wear or dirt on carpet. There have been great improvement in both laminate floors and inexpensive area rugs in the last few years.
Hard surface with an area rug is a tried and true classic that beats wall to wall carpet any and every day. It's cleaner and easier to care for than carpet, carpet needs to be replaced more often (every 10 years at least) due to wear and cleaned more often because it holds the dirt vs. hard surface which will last at least 30 years making it more practical environmentally and economically. Hard surfaces don't stain like carpet. My best advice in choosing a hard surface is to avoid a trend color or pattern. No golden oak or chevrons, keep it classic.