Hmmmm, depends. I sometimes name things after people or after features of them. My current writing project is partially set in real places (or in fictional places linked to real places, such as a made-up unnamed island on Loch Lomond), and partially set in a fictional place (a city called Westford - for that I just thought of geographical features, it's in the western part of Northumberland and maybe at some point in its history was built around a ford across a river?). I did a fanfic a while ago based on Halo and named the ships involved after the naming convention the rest of the actual series uses - destroyers named after famous battles (Alamo, Stamford Bridge, Edgehill) and a carrier named after Queen Victoria.
Really, it just depends on what you're naming, and where you're going with it. I once had a city in a story named after the Greek goddess Persephone, and in the same story there was another city called Stormhold (it was meant to be in a stormy place in the far north). For the project I'm now working on the main character's address is at Haven Road, which was just a name I plucked from thin air, on High Hill (it's meant to be on a hill in the older part of the city) in Westford (see above). Her previous address, in Dublin, I literally stole from another character in Ulysses as a reference to James Joyce's classic...