Researchers consider a high level of institutional diversity in a higher education system as a strength. While the literature considers key elements of diversity, existing research fails to employ methodological approaches that balance the need for capturing the breadth and depth of similarities and differences across institutions. This article reports on the use of cluster analysis to examine data from the Integrated Postsecondary Education Data System (IPEDS) and to create a typology of six institutional types present across four-year institutions in U.S. higher education. The typology presented here helps identify the main types of institutions and offers useful insights for understanding the current state of institutional diversity. Drawing from the research on institutional diversity and organizational theory, the findings of this study provide a typology that can inform both researchers and practitioners as they compare different institutions. An enhanced understanding of the similarities and differences between institutions can clarify not only the range of characteristics and features within U.S. higher education, but also guide administrative decision-making.