Yes, "Youth" is the meaning of the original word from which "Owen" came from.
I got a link here that gives some info:
http://www.geocities.com/edgarbook/names/o/owen.html
For my name, Samuel, it comes up with the Kanji: 神聞, pronounced "shinbun", because Samuel is a name from the old testament that comes from the Hebrew that means "God Heard" (it's a story in deuteronomy, I think...). That's pretty cool, except for the fact that it's a homonym with 新聞, which just means newspaper.