I agree with Greensleeves: to me, pity pretty much means what just came up when I googled it "sympathetic or kindly sorrow evoked by the suffering, distress, or misfortune of another, often leading one to give relief or aid or to show mercy, to feel pity or compassion for; be sorry for; commiserate with. "
To me, that's pity. I'm not always able to truly empathise with others - we can't always really put ourselves in another's shoes - but we can feel pity. Or sympathy if you want to call it that.
As greensleeves says - if you're expressing it in a condescending way, or if you're feeling superior as you contemplate another's misfortune - then it's not pity, is it?