I'm going to disagree with a lot of the answers here.
Generally speaking, a condenser microphone is going to produce a much more detailed, accurate recording, and it is going to reach more fully into the whole vocal spectrum. There are some really great dynamic mics, and there are some awful condenser mics, but this holds true in general. You can correct for poor frequency response to some extent with EQ, but you'll never get back the detail. The character of your voice is in the detail.
The SM57/SM58 has adequate sound for stage in a rugged package, at a reasonable price. Its durability is the main thing that sets it apart. In a studio setting, where it is not expected to be mistreated, I would only choose it for recording vocals if it was the only mic I had. (The SM57 does frequently get used in studio to mic cabinets or instruments, but it's not a serious contender for vocals.)
Yes, condenser mics tend to be more sensitive than dynamic mics. However, that doesn't mean you'll hear more unwanted background sounds. Either type of mic will do that if your placement is wrong; you'll just have to have more gain on the dynamic mic. If you're getting unwanted background in your recording, then get closer to your mic (or wait for your neighbor to finish mowing the lawn). The only way the choice of microphone can help you with this is through its polar pattern.
Regardless of your budget, if you have any opportunity to get your hands on a condenser mic for in-studio vocal recording, do it. Seriously, borrow one if you don't want to buy one. In general, a $100 condenser is going to run rings around a $500 dynamic without even trying. If you're getting one specifically for vocals, a medium or large diaphragm side address microphone is the thing to look for, at whatever price fits your budget. Get onto YouTube and listen to mic comparisons (with your headphones on).
(And then there are ribbon mics ...)