Hosts: Live-in help for $10 a month? You betcha!
Affordability is near and dear to our hearts. So, let’s look at an example of how this works and what it means for your bank account.
Let's imagine you're a San Rafael, CA resident eager to plant your vegetable garden this spring, but not looking forward to the heavy lifting of fresh topsoil from Sloat's Garden Center. After a rainy winter that kept you cooped up more than you'd like, you're ready for longer walks and new adventures. That's where JoeyCo comes in – we're here to help you find a fun, trustworthy, and kind Joey to lend a hand!
Step 1: Setting Your Prices
First things first, let's figure out a fair rent and hourly wage for your Joey. While you're always in control of these numbers, it's important to be competitive with other local offerings. Joeys will have choices for jobs and housing, so let's work together to make your listing stand out!
How to set rent: In San Rafael, a studio apartment typically goes for around $2,000/month (as of 2024). Since your space includes a bedroom, private bathroom, and shared kitchen, $1,750/month seems like a reasonable price point. Way to go – step 1 complete!
How to set wages: Next, consider the tasks you need help with and what each hour of assistance is worth to you. We usually look at the local minimum wage as a lower bound and home health care rates as an upper bound. In San Rafael, this gives us a range of $16-$40 per hour. If $20 feels fair for your needs, you'll get over 80 hours of help per month covered by the rent alone. After accounting for Joey's expenses and taxes, $22/hour seems like a win-win!
Step 2: Marketing Your Listing
We’ll help you design a beautiful listing with great photos of your space and description of your Joey job. Then we get to work getting that in front of the right Joey candidates to find you the perfect match. We’re here to help with negotiations and agreements, too.
Step 3: Matched and Thriving
Once your Joey moves in and starts helping out, we'll be there to ensure everything runs smoothly. We'll confirm their reported hours match your expectations and handle payroll so you can focus on enjoying your newfound free time.
Here's a simplified example of what monthly direct expenses look like:
Joey moves in on June 1, paying $1,750 in rent
Joey works 80 hours total in June, earning $1,760 gross (around $1,520 net after taxes)
You receive $1,750 in rent and pay $1,760 in wages, for a net cash outflow of just $10!
While you'll need about $1,760 available each month to manage the inflows and outflows, one year with this Joey would only cost you around $120 in direct expenses. Plus, JoeyCo is here to handle the logistics and make sure everyone's happy!
Curious how hosting a Joey might work for your unique situation? Contact us for a free affordability consultation where we will walk through a more detailed plan of your math including things like JoeyCo’s fees and workers’ compensation. We're excited to help you plant the seeds for a thriving, supportive partnership!