In fact, the owner's equivalent rent terribly distorts the truth. See the blue line (reality) vs. the yellow one (the politically correct mirage.)
How would the CPI inflation look if the actual prices of real estate had, e.g., only a 15% weight in the basket of goods and services?
No, I'm not going to peddle ShadowStats or that sort of nonsense. This is from the Federal Reserve Bank of St. Louis. Blue line is 85% of the CPI mixed with 15% of the Case/Shiller 20 City Home Price Index:
Well, now we know it.