"Disturbia" is a blend of the words "disturbing" (or "disturbed") and "suburbia", referring to a sense of unease or distress associated with modern life, particularly suburban consumerism.
"Suburbia" itself isn't a slang term, but rather a noun referring to the suburbs of a city or the way of life of people who live there, often with a disapproving connotation of being boring, conformist, or lacking excitement.