On Hondas, its a good idea to replace the water pump when doing the timing belt, but its not necessary on the Elantra. The water pump is easily replaced w/o disturbing the timing belt.
I did the timing belt on my wife's Elantra in about 4 hours--next one would probably only take about 3 hours. Simple/ easy job.
For comparison, I attempted the timing belt/ water pump on my MIL's Civic, and gave up after a frustrating 2 hours w/o having broken the crank bolt. I managed to replace the drive belts, but not the timing belt--and sustained several cuts in the process.
Hyundai has room for mads and finger; Honda did not.