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In my humble opinion, as someone who is both tall and living in the "Old continent", I have found waist-sitting pants to bring me a lot of compliments; personally, I think seeing the shirt under the jacket's waist button has a bit of a off-the-rack, unpolished look.
However, I if you are on the shorter side or in an environment where everybody opts more for the modern "american" cut, then wearing these might make you look shorter or bring unwanted attention respectively.
In conclusion, I would say that it comes down to mainly your body type: if you're tall and slim, go for the waist; if not, the hip probably will be a better choice.
If you want to know about these kinds of rules, Alan Flusser published a very good book about it called "Dressing the man": an absolute masterpiece to use as a playbook.
It depends on the rise of the pants. You can't wear pants with a high rise down on your hips because then you'll get a weirdly puffy part right under the waist of your pants and your zipper will stick out like you have a permanent hard-on due to it folding out. The rise of the pants is basically measuring the height between the bottom of the zip to the waist of the pants. If you are high-waisted (ie have a short torso and the outside of your thighs stick out farther than your hips), you should wear lower rise pants unless you want to look like Steve Urkel. If you're one of those medevial looking dudes with a big torso and shorter legs, you'll want higher-rise pants.
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