How to change the default directory for cloning Git repositories

Question

When cloning a version control system repository using a JetBrains IDE, the default destination directory can be set to an undesirable location. How can one change the default clone directory?

Answer

You can change the default directory location for VCS under Settings | Appearance & Behavior | System Settings by setting the Default project directory.

NB due to IJPL-87751 Incorrect "sticky" default directory for new projects from Version Control, IDE might override this value when cloning projects to different directories. If you encounter this problem, please consider voting for the linked issue to demonstrate your interest.