I’ve lived in both. So for me there were pros and cons as stated above.
First rule of living in an apartment. Make friends with your neighbors. You will want to do so, so that it will be easier to bring up things like noise in a casual conversation.
Two, be considerate about your own noise. I use to tell my neighbors below me stuff like: I sorry if my husband may have had the tv too loud yesterday. Feel free to let me know if I ever have it on too loud or we are making way too much noise. Floors in apartments can sometimes be really squeaky. But never worry after 10 pm. My husband is already fast asleep and I make sure to keep the noise down by 10 like the apartment agreement states.
I find it’s easier to live with people under you than over you if you are considerate about noise. Usually after the statement I made about noise they will follow it up, with let me know if I am ever noisy. Not so easy if you are the one living below. It’s too easy for them to jump to the conclusion that you are complaining about their noise. And it can turn ugly quickly. Now if you are a very sound sleeper or hard of hearing, then it may not bother you to live below. However, it would be hard to hear intruders.
Oh, one other reason to live on a top floor. When your pipes clog, you don’t have to worry about the buildings sewage coming up and you don’t have to worry about about the someones broken pipes or clogged toilet draining down to your apartment as you sleep.
However, it is easier to get out in case of fire in a downstairs.