Harry Redknapp's side have made a worrying start to their league campaign, sitting in 18th place in the table after just one win in seven games.
The Rs beat Sunderland to secure their only victory of the season but have only managed two draws in their six other games.
And their latest defeat, a 2-0 reverse at West Ham United, has prompted Owen to express concern over their survival prospects.
"I fear for QPR," Owen wrote on Sportlobster.
"Still plenty of time to claw their way out of trouble but it all looks a struggle at present. Liable to leak goals and don't really look like scoring at the other end. Dangerous combination."
Indeed, seven games have yielded just four goals for QPR this term, with only Burnley having scored less (Aston Villa have also scored four).
Defensively, however, Redknapp's men have conceded 13 - the second-worst record in the division. Against the Hammers, meanwhile, 2-0 could have been far, far worse...
That leaves the west London side with a goal difference of -9, the worst in the Premier League.
The top flight now breaks for the upcoming round of international matches but, when it returns, QPR host Brendan Rodgers' Liverpool side at Loftus Road.