What's in a town name?

Working as a handmade business owner who sells my creations to customers all over the world, I sometimes discover suburbs, towns and cities with the most delightful-sounding names!  Call me silly, but it gives me a little thrill to imagine what a customer's town must be like while I package up their order.

Okeechobee, Florida - a locale I was recently delighted to discover.

Of course, just because a city has a fun, quirky or beautiful name doesn't necessarily mean it is a nice place to live.  There are some cities around the world with ridiculously exotic or beautiful names but are places where many live near or below the poverty line and where crime rates are very high.  Which got me thinking, what's in a town or city name?  Are suburbs with more sedate and stately (read boring) names ones which attract a more wealthy demographic?  What do you think?

Mermaid Waters, Queensland - did a little girl name this town?