For the first time, international student enrollment in U.S. institutions of higher education declined for a second straight year in 2017-2018. As a result, we sought to understand which institutional characteristics predict international student enrollment, informing the international education community regarding possible institutional factors responsible for the decline in international student enrollment by using five-year panel data from 2013 Fall to 2017 Fall. Results from institutional fixed effects models revealed positive relationships between first-time international undergraduate enrollment and different variables such as institutional grant aid in bachelor's institutions and student services expenses at private non-profit institutions in suburban settings. Contrary to earlier research, this study's findings revealed that there is no relationship between state appropriations and first-time international undergraduate enrollment. We address implications for research, practice, and international student choice.