If you have children, and are looking to hire a live-in nanny but don’t know what the cost will be, here’s a quick guide.
Many families wonder, “how much does a live-in nanny cost?”–but sometimes, the answers are not clear or don’t explain clearly. In this article, we look at the average salary of a live-in nanny and the costs associated with hiring a nanny. We also discuss the types of experience that can increase a live-in nanny’s pay. For example, a nanny with a college degree can command an hourly rate of $3 to $5 above the average. So, let’s get into the details of the costs associated with a live-in nanny.
The average salary for a live-in nanny
A live-in nanny’s salary will depend on several factors, including the number of children they are responsible for, their education and experience, and what additional benefits are included such as vacation time. While some salary websites rely on anonymous data from users to calculate these details and the average range, the results will differ slightly from region to region.
If a nanny is willing to work long hours, employers should pay for any meals being prepared for the children. While a live-in nanny should earn the same amount as a live-out nanny, compensation for transportation costs should also be included. To calculate this, you can use the government rate from 2020 of 57.5 cents per mile. The higher the rate, the more likely the nanny will be satisfied.
Experience and education also determine the salary of a live-in nanny. Experienced nannies earn more than novices. In addition, experience with multiple children and special needs families increases the rate of pay. Additionally, live-in nannies work more hours than their live-out counterparts, and they have to at least earn the minimum wage. That could amount to higher weekly payouts than a live-out nanny.
Expenses associated with a live-in nanny
If you are looking to hire a nanny, you may be wondering, “how much does a live-in nanny cost?” It may be more expensive than hiring an out-of-town nanny, but you will get more flexibility and have the bonus of a home-based nanny. Even if you need to pay extra for their food, room, and board, the cost is still manageable. And if you are concerned about the financial implications, don’t fret–you will be able to find an affordable live-in nanny.
Think of hiring a live-in nanny as a long-term investment. After all, they are looking after the children while you’re away. It’s important to remember that a live-in nanny will be working very closely with your children and will develop a unique bond with them. Nevertheless, you should set a budget that works for you and your family. Then, make sure to include some contingencies. This way, you’ll be able to make the right decision.
Depending on the laws in your state, the cost of a live-in nanny may even be tax-deductible. As their employer, you might be able to deduct the nanny’s room and board, unlike an out-of-town nanny. However, you must pay her above the minimum wage. This will save you money in the long run. But don’t hire a live-in nanny just for the tax breaks–make sure they are fully qualified, and be sure to run a background check before hiring.
Average wages for a live-out nanny
If you’re more interested in hiring a live-out nanny, then you might be wondering what the average wages are. Salaries vary considerably between states, with some locations paying more than others.
Just like with live-in nannies, the experience level for a live-out nanny is a crucial factor in setting a live-out nanny’s salary. The higher the experience, the higher the pay. Moreover, location is also a factor. Large metropolitan areas tend to offer higher wages, but also have higher costs of living. Keep in mind, a live-in nanny may take on more tasks than a live-out nanny, so don’t expect a great deal of extra labor.
A nanny with four or more years experience can command a higher hourly rate than a novice. Also, live-out nannies are required to be paid minimum wage, and they are often required to work longer hours. Therefore, a live-out nanny may earn $50 to $100 less per week than a live-in nanny.