Server location is not directly related to search optimization. You can host your website in a different continent / location and still rank your site in another continent as long as your website’s content is relevant and have proper goal of marketing. If your website is not having heavy contents, or if its properly optimized, or have a fast load time, server location shouldn’t matter in terms of SEO. SEO is mostly about user experience and search results.
Also it matters related with the best loading results.. if your primary audience is from USA, you can choose an USA location/ based server. However, if you’re business is located locally and if you want the server to be located in the same city of yours after reading few SEO tutorials and misunderstanding it, there’s a high chance that you won’t get such server, or pay a lot more than the usual price for a similar service, so such solutions are coastly.
If you ask us, if the server is within the location of your major and primary audience, that should do well for common use cases.
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