Final answer:
The statement is true; Earth is part of the solar system, which orbits within the Milky Way Galaxy, our galactic home, situated less than 30,000 light-years from the galactic center.
Step-by-step explanation:
The statement that we live in the solar system, which is a part of the Milky Way Galaxy, is true. Our solar system includes Earth, other planets, and various celestial bodies that orbit our Sun. Our Sun, along with the solar system, orbits the center of the Milky Way Galaxy.
This orbit takes approximately 225 million years to complete and is a part of the Galaxy's disk, located less than 30,000 light-years from its center. Despite the challenges in mapping and observing the Milky Way Galaxy from our vantage point within it, extensive astronomical studies have provided us with a clear understanding of our galactic home and its components, including the presence of interstellar dust and gas.