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In principle it does not matter, because you can configure your web server to run the application from any directory. However, some hosting providers ask you to use specific directories, because their web server expects that due to their custom configuration (ask them in that case).
There may be another catch - if SElinux is enabled (security enhanced linux), you will have less choice on where to put your application, static and log files. Type getenforce
to see if selinux is on.
With root access, common locations to install webapps are /srv/
or /var/www
. If you do not have the root access - ask your server administrator.