What is the norm regarding salary for live in caregivers when considering rent; pay them their salary as per location standard and have them pay me rent separately for the room they reside in and utility use? OR pay them a reduced salary which takes into consideration the cost of room rental and utility use?
If there are other options of best practices, please advise.
I would see a lawyer about a contract and a CPA about how to handle the deductions. I would also make sure that the person you hire has somewhere to go if this doesn't work out. That she/he does not bring anyone into the household to live. There are horror stories on this forum where aides move in families. Take over. You need to go into this agreement with open eyes.
Also, being a live in does not mean they work 24/7. Like any employee, they need time off. So additional aides have to be considered. It may work out better to have shifts.
I agree strongly with JoAnn's comment about the potential for abuse (financial is very common, easy to get away with and is devastating) as this happened in our family; and expectations and boundaries need to be clearly stated up front so the caregiver is not overworked and the employer isn't disappointed. You may have to cycle through several people in order to find a right fit: are you willing to move people in then out, then in then out if they aren't the right one?
If you are researching this arrangement in order to keep your LO "independent", (or your LO adamantly refuses to consider AL) what about all the other parts of living in a home, like maintaining it, lawn care, security, etc? Also keep in mind that this arrangement will be isolating for him, even with a live-in helper.
Finally, what is the plan for when he requires full-time, overnight care? Or medical care? This require a person of different qualifications and will be at a higher pay rate. Round-the-clock care will eventually cost more than AL monthly. Often, "aging-in-place" to prop up the pretense of being "independent" makes the LO happy but is exhausting for the PoA or whomever is managing things. IMO the PoA goes along for this ride and therefore gets to have a say in the plan because it does impact their life as well. I wish you much wisdom as you figure out the best plan for the both of you!
Also have a very clear written care giver agreement that states hours, expectations of work to be done, use of personal vehicle, use of clients vehicle, guests and more.
Included in hours would be days off, holiday time, sick time, time for personal appointments etc.