Progressive Insurance has launched a new initiative, called Open the House, aimed at supporting first-generation homebuyers.
The multi-year program is intended to help individuals navigate the homebuying process, retain homeownership and establish long-term financial footing, the insurer stated.
A key component of the initiative is The UpPayment program, which offers a $13,500 grant to assist with downpayments for up to 100 eligible applicants. The company said the effort is focused on reducing financial barriers commonly faced by those purchasing homes without inherited wealth or family experience in the housing market.
According to a recent Bankrate Home Affordability Report, 78% of US adults who do not own a home cite affordability as the primary obstacle. Progressive stated the Open the House program is intended to address these challenges through access to financial support and educational resources.
"We believe homeownership should be an achievable goal for more Americans," said Tricia Griffith, CEO at Progressive. "Progress is at the heart of everything we do, and we're committed to providing first-generation homebuyers with guidance and support they need to help navigate the homebuying journey with confidence. By providing access, education, and financial support, we aim to help individuals and families build lasting financial security. Through strategic collaborations and tailored resources, our mission is to advance progress in the home by strengthening families and communities for the future."
Progressive committed more than $7 million in 2024 to support homeownership efforts. The company is expanding that investment through several programs under the new initiative.
The UpPayment program will provide selected first-generation buyers with financial assistance toward a down payment.
A mobile exhibit, called the Open the House tour, is scheduled to appear at cultural events across the US in 2025 to share homebuying information with the public. A video series titled Recipe for Homeownership will present discussions on financial planning and homeownership, led by financial professionals and guests.
Meanwhile, an online tool, Home Appraisal Help, will launch later this year in partnership with The Appraisal Foundation. It will offer educational material and interactive tools to help users understand the home appraisal process.
Progressive will also debut a short film titled Inherit, which examines the informational and financial barriers faced by many first-generation buyers.
The company has also expanded its digital platforms with additional resources aimed at supporting prospective and current homeowners throughout the different stages of homeownership.
"In celebration and recognition of National Homeownership Month, we want to empower individuals to take meaningful steps toward financial stability and lasting progress in the home," Griffith said. "By working alongside trusted community organizations, we can create real change that opens doors for homebuyers and help them build generational wealth."
