The former England striker is convinced “no one is going to run away” in the fiercely-competitive race to lift the trophy in May.
European champions Chelsea saw their unbeaten start to the campaign ended by an impressive-looking Manchester City at Stamford Bridge.
Gabriel Jesus’ deflected second-half strike separated the two sides, but City dominated with a controlling press that forced Chelsea onto the back foot despite Thomas Tuchel’s tactical tweaks.
United also lost their first league game of the season to Aston Villa, who secured their first win at Old Trafford since 2009.
Kortney Hause’s late header gave Villa the victory, while Bruno Fernandes missed a penalty in injury-time.
Owen claims that Chelsea’s defeat will have been welcomed by the other title contenders.
He added that he cannot see any single team pulling ahead of the others this season, with a tight chase right to the wire anticipated.
Owen told Premier League productions : “Manchester City’s win does wonders for them but I don’t think they will ever believe they can’t win a match because they’re such a talented team.
“What it does do is breathe a sigh of relief for the rest of the league because everyone has been thinking, ‘wow, this new Chelsea team look unbelievable… how can we beat them? How do we score against them?’
“There’s been a feeling over the last week or two and everyone was saying Chelsea would win the league. But things change, Man City and Liverpool will play them and things will change.
“At the time if you put a gun to my head and asked me who would win it I would have said the same thing: Chelsea.
“Everyone was swaying towards Chelsea. Now I think people will realise everyone is still beatable.
“This is going to be an unbelievable title race, no one is going to run away with it. Man City, the reigning champions, have just gone to champions-elect Chelsea and not only won, but outplayed them.
“So I think people will have a new opinion now, some people will still think Chelsea and they’ve got a great chance, but I just think a lot of people were getting carried away with Chelsea. It shows they are human after all.”
Prior to Saturday’s defeat, Tuchel’s Chelsea beat City three times in three games – but even the German admitted City were the better team on the day.
Tuchel said: “We lost the game and City deserved to win.
“Until the goal we were very strong in the last 20 metres of the field, but only there unfortunately.
“Everywhere else we were not good enough to relieve pressure and to hurt them. The performance was not complex enough.
“Overall, simply, we were not at our best level. After the goal it felt a little bit like the belief in winning was bigger than the fear of losing, I don’t know why.
“We tried to push and get the crowd behind us. It was a very emotional game but never on our highest level.”