Only if a job had separate self-sufficient spacious, living quarters, would I consider reduced wages. Short of that, I'd need to pay for a storage unit for my personal belongings, if I gave up my rental.

A LI nanny makes slightly less than a LO nanny, IF she lives in 24/7. The PP is correct that the reduction in wages is around $2/hour. However, if you wish for a nanny to only LI during the work week, you can't really reduce salary, since the nanny will still be (presumably) paying rent elsewhere.

If your main concern in looking for a LI nanny is financial savings, I don't think you're going to be all that pleased with the "savings" you'll see. Especially in your situation, with newborn twins and an older sibling. If you are expecting nanny to be capable of full charge care (i.e., if you and your partner will be working FT) an experienced nanny will likely cost you $18+ per hour, and less experienced one will cost slightly less. If you are in a major metro area the cost may be slightly higher.

For example, using the care.com wage calculator, which is notoriously on the low end of accurate (http://www.care.com/babysitting-rates)

In Georgetown:

A nanny w/ 1 year of experience caring for 3 kids, $14/hr
A nanny w/ 10+ years experience caring for 3 kids, $18.50/hr

In Richmond:

1 year experience, $11.50/hr
10+ years experience, $14.50/hr

In PGC,:

1 year experience, $13.50
10+ years experience, $17.50

Of course, I have no idea where you live, but I'd guess you're looking at about $15+ per hour, and with OT (if applicable) a 50 hour week will cost you $750+ per week in addition to about a 10% cost for taxes. And that's for a relatively experienced LI. A LO will be about $17+/hr, plus OT, so that means around $935/week + 10%

Of course, you can find cheaper care, and you may be able to find someone perfectly capable for $10/hour. But that person will be very likely to leave as soon as she meets other nannies and determines she is underpaid.

About $2 (3 max) off her hourly rate for live-in, compared to what you would pay for live-out.

Can anyone share some insight in regards to pay difference. What if nanny does not have another place but maybe visits parents or friends on the weekends. What would a fair weekly salary be?

Even if a nanny agrees to live-in, she still might have a lease on a house or apartment. She might want to go home for her weekends.

The smartest parents will say,
"live-in or live-out".
Some nannies want live-in,
but some don't.
You want the best nanny
you can find.

We're planning to hire a nanny this fall to care for infant twins and preschooler and are deciding whether to offer a live-in or live-out position. I've seen several threads refer to the different types of candidates who apply for live-in vs. live-out jobs.

Would someone please educate me about what these differences are? Ideally we want someone experienced with twins/3 kids, legal, who can drive, but cost is also a significant factor. We have a brand new private bedroom and bath in the basement.

Thank you.