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This study examines the relationship between socioeconomic diversity, selectivity, and institutional factors that influence low-income student enrollment over time at elite private institutions. We focus on these institutions because as some of the most resource-rich institutions, their performance on national priorities merits attention. We find that institutions in our sample became less socioeconomically diverse between 1999 and 2008, with higher selectivity associated with lower Pell enrollment levels. Results suggest that several indicators of institutional financial resources drive diversity levels: costs, size, and age of institution play limiting roles, while spending on instruction and student aid are associated with higher Pell enrollment levels. This research provides insight into the unfolding relationship between institutional resources and socioeconomic diversity over the last decade.