We investigate the occurrence of a phase transition, characterized by the spontaneous breaking of a discrete symmetry, in a driven-dissipative Bose-Hubbard lattice in the presence of two-photon coherent driving. The driving term does not lift the original U(1) symmetry completely and a discrete Z(2) symmetry is left. When driving the bottom of the Bose-Hubbard band, a mean-field analysis of the steady state reveals a second-order transition from a symmetric phase to a quasicoherent state with a finite expectation value of the Bose field. For larger driving frequency, the phase diagram shows a third region, where both phases are stable and the transition becomes of first order.