Our old server has it in /home/user/public_html/ but it seems like it makes more sense in /var/www/.
The old server had cpanel and I suppose that as part of that setup, it separates virtual servers into their own folders in /home/ and gives them each a web root. All the files in /home/user/ were also owned by user, rather than root.
But we don't have sub accounts and I'm used to creating various virtual hosts in /var/www/ (from my Ubuntu experience), so is there any downside to just using /var/www/ in CentOS? I would then have all the files owned by a group that would include me and the other developer.