Should one be paid for living with an elderly parent? If so, how much?

The chances of you receiving any monies from a Government Agency are very small. Most family caregivers are not compensated for the care they give. As TNtechie writes, you can be paid from their funds, but you need to have a Caregiver Agreement signed by you and them. There is one you can print out on this site. Or, you can also consult with an Elder Law Attorney to make sure everything is legal.

Bear in mind that unless you have another job and benefits through that job, you will have no health insurance and no retirement benefits. That is a significant concern.

Thanks for your answer!

Yes, if finances allow a child should be paid for living with an elderly parent and providing care. How much? Depends on responsibilities and parent's resources. At the very least, the child should not suffer financially by becoming a care giver. At most, an hourly rate comparable to hired in home care givers for the time spent providing care. If resources are limited, the care giver may find that spending the available resources on regular respite care provides the best quality of life for everyone.