Unpopular Opinion

Should've probably included where I'm from, that being Europe, more specifically Finland. As far as I know our index for inflation (HICP) sourced from ECB hasn't so far taken into account OOHC (owner-occupied housing cost) and has focused more on rents and other costs of living. Proposed roadmaps for changing the official indices would back this understanding, unless I'm interpreting something very incorrectly.

There's some rent controls in place in most European countries, so rents aren't tightly coupled with house prices in many locations. As such, for specific dwellings it can often be cheaper to rent than to own, since rent increases are regulated at least a bit, but cost to purchase the unit altogether is not. In many more expensive cities there's also the issue of units not being available to rent, since the rents don't directly reflect the market value of the rented unit.

Though including OOHC to the calculations will cause some difficulties when you take into account more rural areas, where the value of housing can not only go down, but actually be negative. In rural Finland there are cases where you can actually be paid to get a whole apartment complex out of someone's hands, since the costs outweigh whatever rent you can get out of the place. People are opening shell companies and selling stock in an apartment complex (a peculiarity of the local system called limited liability housing companies, or asunto-osakeyhtiö) to them at a loss, to get rid of paying for upkeep.